Hong Kong's insurance watchdog is urging major life insurers, including AIA Group (HKG:1299), to shift investment decision-making functions back from Singapore, Bloomberg News reported Tuesday, citing people familiar with the matter.
The Hong Kong Insurance Authority (HKIA) launched the effort in early 2024 as part of a broader response to growing competition with Singapore for talent and capital, the report said.
While there is no statutory requirement for long-term insurers to manage assets locally, the HKIA has reportedly called on firms to retain oversight and investment roles in the city to support local employment and reduce concentration risks.
The regulator believes maintaining functions in Hong Kong will help insurers settle claims efficiently and fulfill policyholder obligations, Bloomberg noted.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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