Prudential Hong Kong New Business Value Rises 8%

Prudential's Hong Kong new business value rose 8% year on year, with growth from local customers up 22% and business from mainland visitors down 2%, according to Ming Pao. Prudential CEO Anil Wadhwani said the main drivers for mainland visitors buying policies had not changed despite tighter cross-border investment outflows from mainland China since May and the recent confirmation of a 20% income tax on offshore policy returns. He said wealth transfer, savings and investment remain factors, but health and protection needs are the most important and account for one-third of Hong Kong's overall new business. He expects demand from mainland visitors to buy policies in Hong Kong to remain in the second half.