Ping An Plans Hong Kong Life Insurance Push for Retirement Services
Ping An Insurance (Group), the largest insurer in China by market capitalization, is eyeing expansion in Hong Kong’s life insurance and retirement care sectors. According to co-CEO Michael Guo Xiaotao, the company intends to complete its product offerings in the region.
Guo stated in an interview on Thursday that Ping An already has a broad presence in Hong Kong, including property and casualty insurance, asset management, securities, and banking. He indicated that life insurance is the final area the company wishes to address.
To achieve this goal, the insurer is considering several options. These include applying for a new license, forming partnerships with other organizations, and pursuing mergers and acquisitions. Guo added that Ping An will evaluate all potential strategies to identify “the most, the quickest” path to its objectives.
In a related development, Hong Kong’s Insurance Authority is contemplating offering new life insurance licenses. This would allow policyholders to use their policy values to finance nursing homes and other elderly care services within the Greater Bay Area. This region encompasses Hong Kong, Macau, and nine cities in Guangdong province, according to CEO Clement Cheung.
According to Hong Kong government statistics, approximately 88,000 Hong Kong residents aged 65 or older resided in Guangdong at the end of 2022. This represents an increase of about 11% compared to five years earlier. Ping An already offers high-quality medical and elderly care home services in the region, Guo noted.
