According to the data published on the OCI website, revenue premiums of individual life and annuity (non-linked) business surged by 36% to HK$344.9bn, whereas linked life and annuity business fell by 29% to $28.6bn.
On the other hand, new office premiums of Individual Life and Annuity (Linked) business decreased by 43.9% to HK$5.7bn.
Unlike in previous years, the OCI did not disclose in its statement what amount of new office premiums was generated from mainland Chinese visitors for the full year last year.
Total gross premiums of the Hong Kong insurance industry in 2016 amounted to HK$448.8bn, representing an increase of 22.7% over 2015.
Hong Kong Life sale
The figures come just a week after it was announced that Hong Kong Life Insurance has been sold to local investment firm First Origin International for HK$7.1bn in the latest insurance M&A deal in the special administrative region.
In 2016, China’s Thaihot Group agreed to buy Dah Sing Financial’s life insurance unit for $1.4bn, while fellow Chinese firm JD Capital bought Ageas’s Hong Kong insurance unit for the same sum.