Manulife (International) Limited has become the first insurer to complete a re-domiciliation from Bermuda to Hong Kong under the SAR government’s new regime, with the group announcing the milestone on Friday.
Manulife Financial’s Hong Kong and Macau subsidiary had been preparing to relocate its legal domicile from Bermuda since at least April 2023, and formally committed to the move in June this year.
The move follows the late-May implementation of Hong Kong’s new re-domiciliation regime, which streamlined the process for overseas firms to migrate their domicile to the city while preserving their legal identity, contracts and business continuity.
Shortly after the new regime took effect, AXA announced plans to shift its AXA China Region Insurance Company (Bermuda) entity to Hong Kong under the same framework, but Manulife ultimately became the first to complete its redomiciliation.
Patrick Graham
Chief Executive Officer of Manulife Hong Kong and MacauManulife says the shift is set to “enhance operational efficiency, respond more swiftly to market needs, and unlock new growth opportunities across the region.” The firm emphasised that redomiciling locally “strengthens our alignment with Hong Kong’s robust regulatory framework and enables us to better serve our 2.6 million customers in both Hong Kong and Macao, advancing our ambition to be the number one choice for customers.”
Existing contracts, terms, and policyholders’ protections will remain unchanged.
“This move reflects our deep-rooted belief in Hong Kong’s future and its importance to our business,” said Patrick Graham, Chief Executive Officer of Manulife Hong Kong and Macau.
“Re-domiciling locally strengthens our alignment with Hong Kong’s robust regulatory framework and enables us to better serve our 2.6 million customers in both Hong Kong and Macao, advancing our ambition to be the number one choice for customers,” Graham added.
In response, the Insurance Authority (IA) said Manulife’s redomiciliation highlights Hong Kong’s status as an international financial hub within the Greater Bay Area.
The IA further affirmed its commitment to continue working closely with all relevant parties to enable interested insurers to re-domicile in Hong Kong under the new regime and support the government’s vision to strengthen the economy.
