Survey finds 85% of Hong Kong respondents plan to pass on wealth, but only 10% have a documented plan
The broker channel accounted for the largest share of Sun Life Hong Kong Limited’s new business in the first half of 2026, as a gap between what clients want from financial planning and what they have actually put in place continues to fuel demand for intermediary-led advice in the territory.
Sun Life Hong Kong’s new business Annualised Premium Equivalent (APE) reached HK$7.3 billion in the first half of 2026, up 44% year on year, according to provisional statistics from the Hong Kong Insurance Authority (IA) released on October 23, 2026. That growth rate was more than four times the 10% expansion recorded across the overall market over the same period.
The company’s second-quarter new business APE rose 19% year on year, maintaining its position among leading non-bank insurers in the territory.
Brokers generate the bulk of new business
Of Sun Life Hong Kong’s three distribution channels, the broker channel produced the largest volume. Broker new business APE hit HK$5.031 billion, up 34% year on year, placing the company at the top of the market ranking in the segment.
The agency channel posted HK$1.445 billion in new business APE, a 48% increase, while the bancassurance channel reached HK$593 million, up 65%. All three channels recorded double-digit growth.
The pattern is consistent with the company’s full-year 2025 results, when broker channel APE grew 144% and total new business APE reached a record HK$11.8 billion.
The broker channel’s strength is not limited to one company. AIA Group Limited reported 21% growth in intermediated value of new business in the first half of 2026, with compound annual growth of 28% in its Hong Kong partnership distribution since the first half of 2023, according to its interim results.
Read more: AIA narrows broker access as new business grows 21%
Legacy planning gaps present a commercial opening
A separate Sun Life Asia survey sheds light on what is driving this demand. The study, titled “Passing the Torch: When Legacy Means More Than Money,” surveyed 3,073 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam in August 2026.
Among Hong Kong respondents, 85% said they intend to pass on financial assets or wealth. Yet only 10% have fully documented their legacy plans and communicated them to their heirs. Of those worried their wealth will not last, 50% cited the next generation’s readiness to manage inherited wealth as their primary concern.
Those figures sit alongside broader evidence of planning shortfalls. A T. Rowe Price survey of 600 Hong Kong residents, published in August 2025, found that 40% had no retirement savings goal at all, and only 20% said they were familiar with the retirement options available on the market.
For brokers and advisers, the data from both surveys points in the same direction: clients have the intent but not the plan.
Read more: Hongkongers no longer measure a good life by what they leave behind
Sun Life CEO cites sustained client demand
Clement Lam, chief executive officer of Sun Life Hong Kong Limited in Hong Kong, said the results reflected ongoing demand for financial guidance. “Hong Kong’s position as a leading international wealth management center continues to create significant opportunities, driven by sustained demand for wealth planning solutions from Clients. We are also seeing growing momentum through bancassurance channels as clients seek trusted advice to navigate an evolving financial landscape,” Lam said.
“While market demand remains strong, individuals and families continue to face protection and retirement planning gaps. We remain focused on helping clients build lifetime financial security by combining trusted expertise, innovative solutions, and personalised experiences that empower them to navigate life’s opportunities and uncertainties with confidence,” he added.
Broader market and regulatory context
Hong Kong’s long-term insurance market has been on a sustained run. Total new life insurance office premiums reached HK$275.2 billion in the first half of 2026, up 58.4% year on year, while total gross premiums across all lines hit HK$573.6 billion, a 35.5% increase, according to the IA’s provisional statistics as reported by The Standard.
The territory’s broader wealth management market has also been expanding. Total assets under management in Hong Kong grew 13% year on year to approximately HK$35 trillion at the end of 2024, according to the Hong Kong Monetary Authority (HKMA), citing Securities and Futures Commission (SFC) data. Eddie Yue, chief executive of the HKMA, wrote in August 2025 that the number of ultra-high-net-worth individuals in the Asia-Pacific region with net worth above US$10 million exceeded 850,000 in 2024, with Mainland China accounting for over 470,000.
Cross-border insurance demand has been a factor in Hong Kong’s growth, though the full picture is unclear. The IA has not published mainland Chinese visitor premium data since the first quarter of 2025, stating it is reviewing the scope and criteria for collecting non-local policyholder statistics. The most recent available figures, from the IA’s full-year 2024 release, showed mainland visitor new business premiums of HK$62.8 billion, or 28.6% of total new individual office premiums.
The outlook has been complicated by Beijing’s enforcement of taxes on overseas insurance gains, which brokers have said could cause some mainland clients to reconsider purchases.
Read more: Beijing’s investment clampdown threatens Hong Kong insurers’ mainland revenue
What this means for brokers
The broker channel remains the primary route for distributing complex wealth and protection products in Hong Kong. With survey data from multiple sources showing that most clients lack documented plans for wealth transfer and retirement, the commercial case for intermediary-led advice is clear. How long demand continues at this pace may depend on regulatory developments, including cross-border tax enforcement and the IA’s evolving conduct standards for intermediaries.
