Hong Kong insurance industry has reported gross premiums of $143.7bn in the first half ended on 30 June 2013 (H1), up 14.5%, compared during the same period in 2012, according to the Office of the Commissioner of Insurance.
For the long term in-force business, the total amount of revenue premiums was $120.9bn in the first half of 2013, an increase of 14.9%, as against the revenue premiums generated in the comparable period in 2012.
Revenue premiums of Individual Life and Annuity (non-linked) business increased by 14.6% to $82.8bn, and revenue premiums of Individual Life and Annuity (linked) business increased by 20.6% to $28.2bn in the first six months of 2013.
For the long term business, the new office premiums during the first half of 2013 increased by 21.1% to $45.8bn, compared with the same period of 2012.
The new office premiums of Individual Life and Annuity (non-linked) and Individual Life and Annuity (linked) business increased by 18% to $35.1bn and by 33.4% to $10.5bn, respectively, in the first half of 2013.
The gross and net premiums of general insurance business increased by 12.5% to $22.8bn and 14.1% to $16.2bn, respectively, compared with the corresponding period in 2012.
The underwriting profit, however, declined from $1.6bn to $1.5bn in the first half of 2013.
