Manulife (International), one of the biggest life insurers and pension providers in Hong Kong and Macau, has finished moving its domicile to Hong Kong from Bermuda, making it the first insurer to successfully complete the process under a new regime, according to a statement on Friday.
The insurer said the redomiciling was a “strategic milestone” that underscored its confidence in Hong Kong’s role as a leading international financial centre and reinforced the company’s long-standing commitment to the city’s insurance market.
“This move reflects our deep-rooted belief in Hong Kong’s future and its importance to our business,” said Patrick Graham, CEO 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 Macau, advancing our ambition to be the No 1 choice for customers.”
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Manulife is the first insurer to redomicile in Hong Kong after a law change in May that made the process simpler and easier. The legislation allows companies that are incorporated overseas to establish themselves in the city while maintaining their legal identity and business continuity.
Previously, a company that wanted to move its domicile had to close an existing entity and shift all assets and transactions to a new firm in Hong Kong.
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French insurer AXA’s local unit began the process on the law’s first day of implementation, but Manulife is the first insurer to complete it.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said on social media on Friday that he had met Manulife executives during a trip to Canada in May to promote the new legislation.