Life Insurance & Pension in Hong Kong
Summary
Life Insurance & Pension in Hong Kong industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Hong Kongese life insurance & pension market recorded gross written premiums of $56.8 billion in 2023, representing a negative compound annual growth rate (CAGR) of 0.7% between 2018 and 2023.
- The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $55.6 billion, equivalent to 98% of the market's overall value.
- The significant drop in GDP growth has created more uncertainty for consumers about their financial security. According to the Census and Statistical Department, of Hong Kong, the real GDP annual growth of Hong Kong stood at 3.2% in 2023, as compared to 6.4% in 2021.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in Hong Kong
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Hong Kong
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Hong Kong life insurance & pension market with five year forecasts
- What was the size of the Hong Kong life insurance & pension market by value in 2023?
- What will be the size of the Hong Kong life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the Hong Kong life insurance & pension market?
- How has the market performed over the last five years?
- What are the main segments that make up Hong Kong's life insurance & pension market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What are the strategies of the leading players?
- 7.3. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. AIA Group Ltd
- 8.2. Prudential Plc
- 8.3. Manulife Financial Corp
- 8.4. China Life Insurance (Group) Company
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Hong Kong life insurance & pension market value: $ billion, 2018-23
- Table 2: Hong Kong life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: Hong Kong life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: Hong Kong life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: Hong Kong life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: AIA Group Ltd: Key Facts
- Table 7: AIA Group Ltd: Annual Financial Ratios
- Table 8: AIA Group Ltd: Key Employees
- Table 9: Prudential Plc: Key Facts
- Table 10: Prudential Plc: Annual Financial Ratios
- Table 11: Prudential Plc: Key Employees
- Table 12: Manulife Financial Corp: Key Facts
- Table 13: Manulife Financial Corp: Annual Financial Ratios
- Table 14: Manulife Financial Corp: Key Employees
- Table 15: Manulife Financial Corp: Key Employees Continued
- Table 16: China Life Insurance (Group) Company: Key Facts
- Table 17: Hong Kong Size of Population (million), 2019-23
- Table 18: Hong Kong Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 19: Hong Kong GDP (Current Prices, $ Billion), 2019-23
- Table 20: Hong Kong Inflation, 2019-23
- Table 21: Hong Kong Consumer Price Index (Absolute), 2019-23
- Table 22: Hong Kong Exchange Rate, 2018-23
- List of Figures
- Figure 1: Hong Kong life insurance & pension market value: $ billion, 2018-23
- Figure 2: Hong Kong life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: Hong Kong life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: Hong Kong life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in Hong Kong, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in Hong Kong, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in Hong Kong, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Hong Kong, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Hong Kong, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Hong Kong, 2023
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