Hong Kong life insurers welcome China's 'big bang' on the insurance asset management sector
As China opens up its insurance asset management companies to wholly foreign ownership and expands their investment capabilities, overseas life insurers anticipate playing a bigger role onshore, especially in the trillion-dollar pension business.
Life insurance companies in Hong Kong are hopeful that China’s new regulations aimed at opening up the insurance asset management sector will pave the way for them to expand their business footprint and investment capabilities in the country.
The new regulations, which will come into effect on September 1, were announced by the China Banking and Insurance Regulatory Commission (CBIRC) earlier this month after public consultation launched in December 2021.
The regulator amended p…
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