What’s up: China Pacific Life Insurance (HK) Co. Ltd., a subsidiary of China Pacific Insurance Co. Ltd., has been licensed by Hong Kong regulators to conduct life insurance business in the city, the company said on Wednesday.
China Pacific Life Insurance (HK) was granted the business license in November, allowing the company to offer specialized health management, wealth management and pension policies starting in January, said Candy Yuen, director. General of China Pacific Life Insurance (HK).
The expansion of activities is part of China Pacific Insurance’s strategy to increase its presence in the Great Bay region, a region which is expected to be China’s new growth engine as part of an integration plan. ambitious regional.
The context: China Pacific Life Insurance (HK) is a wholly owned subsidiary of China Pacific Life Insurance, one of the country’s largest life insurers.
The license makes China Pacific Insurance the third mainland-based insurer to enter the Hong Kong life insurance market, after China Taiping Insurance Holdings and China Life Insurance Co. Ltd.
The Hong Kong insurance market is very competitive. According to official data, the city had 165 licensed insurers in business as of the end of September, including 97 locally registered companies and 21 from other countries and regions.
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