The Hong Kong Federation of Insurers (HKFI) yesterday announced its statistics on long term insurance in-force business for the territitory's 15 major life insurers, representing more than 86% of total market share.
For new pension business from occupational retirement schemes exempted under the Mandatory Provident Fund Schemes (MPF) Ordinance, annualised first year contributions recorded a substantial negative growth of 56% compared with the corresponding period last year, due largely to the fact that no new occupational retirement scheme was permissible after the Ordinance came into effect on December 1, 2000.
New business derived from group life business, apart from a few exceptions, enjoyed a significant growth rate in the first two quarters of this year, according to the HKFI.
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