AXA, one of Hong Kong’s largest insurers, announced on Friday that it plans to move the legal domicile of its Hong Kong-serving entity from Bermuda to Hong Kong, following a new law introduced by the government that allows companies to return to the city while retaining their legal identity and business continuity.
“We are excited to be among the first to redomicile to Hong Kong,” Sally Wan, chief executive officer of AXA Greater China, said in a statement. “This move is not merely administrative; it is a significant step forward in deepening our roots in Hong Kong and simplifying our reporting and compliance processes.”
This is part of a broader initiative that aligns with a goal set by Chief Executive John Lee Ka-chiu in December 2022 to turn the city into a global insurance hub. Life insurance sales in Hong Kong soared to a record last year, as residents and mainland Chinese visitors bought policies for protection, wealth management and estate planning, capping a second bumper year for the industry.
More insurers are expected to move back to the city. “As a key insurer in Hong Kong, we look forward to the opportunities that the re-domiciliation regime presents,” a Manulife Hong Kong spokesperson told the Post.
Many large insurers are registered in tax havens like Bermuda. In 2006, Hong Kong abolished an estate duty ranging from HK$100 (US$12.8) to as much as 50 per cent of the value of assets passed on to beneficiaries. However, moving back to Hong Kong previously involved complicated legal procedures.
