China Life, the country’s largest life insurer, is exploring ways to upgrade services for mainland clients, driven by the exceptionally strong sales market as borders are reopened and mainlanders return to Hong Kong, reported Bloomberg.
Insurance sales to mainland visitors rose by nearly 28 times in the first quarter to HK$9.6bn ($1.2bn), which is about three-quarters of its performance for the same period in 2019. This, in turn, bolstered the sales of China Life and global competitors such as Prudential and SIA.
China Life strategic planning deputy head Lu Fangbing said, “Mainland clients are a very important, new growth point.
“We expect the growth to continue as the visits of clients would take time.”
To realise the market’s improving potential, China Life’s overseas arm in Hong Kong is seeking to expand its agent force to target mainland buyers. Bancassurance remains a strong driver for the insurer’s distribution channel, contributing about 70% of the sales. China Life is preparing to roll out more convenient services once regulators start such trials in the Greater Bay Area.
