AXA, one of Hong Kong’s largest insurers, has announced plans to shift the legal domicile of its Hong Kong-serving entity from Bermuda to Hong Kong. This move follows the implementation of a new law that allows companies to redomicile to the city while maintaining legal continuity and operational integrity. According to Sally Wan, CEO of AXA Greater China, the relocation marks a significant step in strengthening the company’s presence in Hong Kong and streamlining compliance processes.
The new legislation, which took effect on Friday, is a key part of the government’s effort to position Hong Kong as a leading global insurance hub. The city saw record-breaking life insurance sales last year, driven by growing demand from local residents and mainland Chinese visitors. The simplified redomiciliation process is expected to attract more insurers and other firms back to Hong Kong.
Under the revised framework, companies are no longer required to dissolve their existing operations at their current place of registration before transferring assets and business to Hong Kong. The process also includes a 120-day period for completing deregistration at the original jurisdiction. The Companies Registry aims to approve applications within two weeks, provided all necessary documents are submitted and criteria for creditor protection and solvency are met.
Deloitte China reports that around 10 of its clients are already exploring redomiciliation, and industry leaders such as Manulife, HSBC Life, and Sun Life have welcomed the regime. Manulife Hong Kong’s CEO Patrick Graham noted the new framework improves regulatory efficiency and enhances insurers’ ability to serve the market. HSBC Life described the law as a key step toward reinforcing Hong Kong’s international standing. Sun Life’s CEO Clement Lam stated the company is closely assessing the potential impact on their operations.
Currently, 12 major insurers serving Hong Kong are incorporated in tax-friendly jurisdictions like Bermuda. These include life insurers such as AIA, AXA, Manulife, HSBC Life, and others. The main appeal of offshore registration has been tax benefits, including the absence of estate duties.
The Insurance Authority will soon issue detailed guidance to support insurers in navigating the new process. Government officials highlighted that redomiciliation reflects insurers’ intent to leverage enhanced integration within the Greater Bay Area and to respond to global market uncertainties by reaffirming Hong Kong as their operational base.
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