China News Service, June 1. According to Hong Kong’s Wen Wei Po, the Hong Kong Insurance Regulatory Authority (IA) announced on May 31 the provisional statistics of the Hong Kong insurance industry for the first quarter of 2022. The total gross premiums during the period reached 158.2 billion yuan ( Hong Kong dollar, the same below), a slight increase of 0.5% over the same period last year; total premium income of long-term in-force business was 138.9 billion yuan, down 0.2% year-on-year; personal life and annuity (non-linked investment) business premium income was 113.3 billion yuan, according to Year-on-year growth of 0.1%; personal life and annuity (linked investment) business, premium income was 7.9 billion yuan, down 17% year-on-year; retirement plan business contributions were 15.8 billion yuan, up 9.2% year-on-year.

  During the period, new policy premiums for long-term business (excluding retirement plan business) were $42.4 billion, up 4.2% year-on-year.

New policy premiums for individual life and annuity non-investment-linked businesses were $37.7 billion, up 10.1% year-on-year; new policy premiums for investment-linked businesses were $4.6 billion, down 27.2% year-on-year.

In addition, insurance companies issued a total of about 12,000 qualified deferred annuity policies, and brought in 830 million yuan in premiums, accounting for about 2% of the total personal business.

  In addition, new business premiums from mainland visitors were 345 million, an increase of 235% year-on-year compared to the low base in the first quarter of 2021.

About 96% of the policies purchased by this customer group are paid in a partial payment (i.e. not a lump sum payment), with critical illness, medical insurance and whole life insurance accounting for 31%, 31% and 28% of the policies respectively .

  Regarding the latest insurance business situation in the market, HSBC Insurance Hong Kong Chief Distribution Business and Account Director Tsang Peishan said that in the first quarter, HSBC Insurance's life and medical insurance applications for remote insurance through video increased by 7.5 times year-on-year.