Hong Kong insurance firms' gross premiums slid by 7 percent year-on-year to HK$147.2 billion in the first quarter with new business premiums derived from mainland visitors recovering to 75 percent of the same period in 2019, according to the Insurance Authority.

In respect of long term business, total revenue premiums of in-force business in the first quarter of 2023 amounted to HK$126.6 billion, reflecting a year-on-year decrease of 8.9 percent.

Meanwhile, new business premiums excluding retirement scheme business for long-term insurance reached HK$47 billion, indicating a year-on-year increase of 10.7 percent.

Benefiting from the pent-up demand following the resumption of cross-boundary passenger movement and a favorable comparison to the previous year, new business premiums from mainland visitors rebounded strongly in the first quarter of 2023, hitting $9.6 billion, a remarkable gain of 26.9 times.

This accounted for 20.5 percent of the total new business premiums for individual businesses.

Besides, around 16,600 qualifying deferred annuity policies were issued, attracting HK$1 billion in terms of premiums that represent 2.2 percent of the total for individual businesses.

HSBC Life ranked first in new business premiums with a market share of 21.7 percent in Hong Kong.

Edward Moncreiffe, the chief executive of HSBC Life, expressed pride in the company's position as the top life insurer in Hong Kong, saying it generated over HK$10 billion in new business premiums in the first quarter.

He emphasized the company's ongoing dedication to addressing the health and wealth needs of customers in the Greater Bay Area.

Meanwhile, according to Patrick Graham, the chief executive of Manulife Hong Kong and Macau, the reopening of borders in the first quarter has led to a notable recovery in the local economy and a significant influx of visitors from the mainland.

This resurgence has propelled the company's business momentum, resulting in an impressive annualized premium equivalent sales growth of 26 percent compared to the corresponding period last year, he said.

Prudential (2378) has appointed Ben Bulmer as the new chief financial officer, succeeding James Turner who resigned yesterday in light of an investigation into a code of conduct issue relating to a recent recruitment situation.

Local insurer FWD has appointed Sid Sankaran as managing director and chief financial officer, effective September 1.

Returning mainlanders prop up insurance market