INSURANCE RANKING

advisors. All contact points and queries could be managed within the app in just a few clicks, making our services accessible to customers anytime, anywhere, and in a way that best suits them. Through this partnership, we have been able to empower our customers to make decisions concerning their health and protection, at their own time and convenience,” Chang said.

“In Hong Kong, there has been an accelerated adoption of digital channels among customers, who are growing more comfortable looking online or to virtual platforms for solutions. This continues to be perpetuated given prevailing concerns around COVID-19 and social distancing measures, which have changed people’s daily habits and lifestyles,” Chang said.

2023 focus

With all these trends and predictions, what should insurers focus on next year?

Joanna Wong: Customer-centric technology transformation - The goal for 2023 and beyond should be to better optimize the benefits of technology investments to enable insurers, particularly in this part of the world where we have observed varying degrees of maturity and digital adoption of increasingly agile, innovative, and customercentric solutions.

Insurers must set their sights beyond compliance concerns to make ESG a competitive differentiator.

Leslie Foo: Insurers have to reinvent their human capital strategy to nurture a digital, innovative, yet diverse and inclusive culture that attracts and retains talent.

From a pricing perspective, one key focus of insurers is to embed the longer-term market trends into the generally shorter-term nature of the products

Erik Bleekrode (Asia view): Companies should focus on customers, customer experiences, and propositions. There will be a need to understand how ESG will change the way insurers are run and managed. Insurers should also look to develop their health and well-being propositions. Finally, insurers should also look to develop their affinity and partnership networks to create an ecosystem that will give them access that will give them access to greater customer numbers and make them more accessible to customers.

2022 Rankings

Insurance Company

2021 Rankings

Classification

2021 total Assets (HK$)

2020 total assets (HK$)

AIA International 1 Long term or life business $129b $126b 2 Manulife (Int'l) 4 Long term or life business $91b $63b 3 Prudential (HK) Life 2 Long term or life business $87b $92b 4 China Life 3 Long term or life business $62b $67b 5 HSBC Life 5 Long term or life business $56b $54b 6 FWD Life (Bermuda) 9 Long term or life business $47b $28b 7 BOC LIFE 6 Long term or life business $37b $39b 8 AXA China (Bermuda) 8 Long term or life business $34b $30b 9 TPLHK 10 Long term or life business $23b $20b 10 Hang Seng Insurance 11 Long term or life business $21b $18b 11 Sun Life Hong Kong 7 Long term or life business $19b $32b 12 BOC Group Insurance 23 General Business $18b $4b 13 FTLife 12 Long term or life business $14b $13b 14 YF LIFE 13 Long term or life business $9b $10b 15 Bupa 14 General Business $6b $10b 16 AIA Everest* - Long term or life business $6b17 AXA General 15 General Business $5b $9b 18 Chubb Life 20 Long term or life business $5b $4b 19 AXA China (HK) 22 Long term or life business $4b $4b 20 HKMC Annuity 32 Long term or life business $3b $3b 21 Hong Kong Life 19 Long term or life business $3b $4b 22 AIA International 21 General Business $3b $4b 23 CTPI(HK) 17 General Business $2b $6b 24 Blue 40 Long term or life business $2b $2b 25 FWD Life (HK) 18 Long term or life business $2b $4b 26 Blue Cross 34 General Business $2b $3b 27 Quilter International* - Long term or life business $2b28 Generali 24 General Business $2b $3b 29 Zurich Insurance 27 General Business $2b $3b 30 CIGNA Worldwide General 33 General Business $2b $3b 31 Swiss Re (Asia) 25 General Business $1b $3b 32 Zurich International 44 Long term or life business $1b $2b 33 Liberty Int'l 34 General Business $1b $3b 34 AXA China (HK) 35 General Business $1b $2b

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