Tahoe Life sees strong demand for insurance policies among the wealthy in Hong Kong and China
The company, formed from the takeover of Dah Sing Life in June, says recent tighter regulatory scrutiny of the industry is beneficial
Hong Kong-based Tahoe Life Insurance plans to target wealthy local and mainland Chinese clients, where it sees strong demand for insurance and health policies, and is not concerned about recent regulatory tightening, its chief executive said on Friday.
The company, formed from the takeover of Hong Kong’s Dah Sing Life Assurance by mainland Chinese investment firm Tahoe Investment Group in June, will offer savings, critical illness, life insurance, medical protection and investment-linked products. It currently has 400,000 high-net-worth customers split equally between Hong Kong and mainland China.
“We are confident that China’s internationalisation will continue and regulatory policy will loosen once the market normalises again,” said Paula Choi Wai-yee, chief executive officer at Tahoe Life, at a media conference in Hong Kong to launch the Tahoe Life brand.
“Demand for insurance and health products from Chinese customers remains strong given the country’s growth,” Choi said.
Tahoe Investment Group bought Dah Sing Life Assurance and Macau Life Insurance for HK$10.6 billion (US$1.36 billion) from Dah Sing Financial on June 19, one of a series of acquisitions by mainland Chinese companies of Hong Kong insurers in the last three years.
However the takeovers triggered concern over whether acquirers had the management capabilities and commitment to make sure the interests of policy holders were protected, prompting Hong Kong authorities to set up new regulator, the Insurance Authority, in June this year.