China Pacific Insurance to set up HK unit

China Pacific Life Insurance (HK) Co. Ltd., a subsidiary of China Pacific Insurance Co. Ltd., has obtained an operational license from Hong Kong regulators to conduct life insurance business in the city.

China Pacific Life Insurance (HK) secured the business license in November, allowing the company to offer policies specializing in health management, wealth management and pensions starting in January, said Candy Yuen, chief executive China Pacific Life Insurance (HK).

The business expansion is part of China Pacific Insurance’s strategy to increase its presence in the Greater Bay Area, a region that is expected to be China’s new growth engine under an ambitious regional integration plan.

The license makes China Pacific Insurance the third mainland-based insurer to enter the Hong Kong life insurance market, following China Taiping Insurance Holdings and China Life Insurance Co. Limited, according to a report by Caixin Global.