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<Research>HSBC Global Research Expects HK Offshore VONB to Return to Modest Growth, Prefers AIA & PRU
Recommend 22 Positive 50 Negative 21 |
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Mainland Chinese Visitors (MCV) contributed $59 billion to the Hong Kong insurance industry's Value of New Business (VONB) last year, broadly in line with 2018 levels, according to HSBC Global Research. The HSBC report expected Hong Kong's offshore VONB growth to return to more modest levels over the next few years, based on the absorption of pent-up demand during the pandemic. The report noted that the majority of policies taken out by MCVs are savings-based, reflecting strong demand for investment and wealth management from the segment. However, AIA (01299.HK) and PRU (02378.HK), among others, said that their protection insurance policies accounted for about half of the MCV policies, and also accounted for a significant portion of VONB and operating profit after tax. The broker favoured AIA and PRU as concept stocks for MCVs buying insurance in Hong Kong and forecasted 17% and 8% growth in their Hong Kong VONB this year respectively. AAStocks Financial News |
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