Story thread · 6 reports / 4 sources

Minister 'confident in HK's insurance products'

rthk.hk · 5dShare

Secretary for Financial Services and the Treasury Christopher Hui said he was confident in Hong Kong's insurance products. Shares in major insurers fell sharply on Thursday, a day after Beijing-based news website Caixin reported that tax authorities in the capital, as well as Hangzhou, began taxing residents' earnings from offshore insurance policies. A tax rate of 20 percent was levied on policy dividends and interest earned on prepaid premiums, the report said, citing industry insiders. AIA slid 8.5 percent, FWD was down 5.2 percent and Prudential fell more than 5 percent. Hui was asked about the report during a press conference on the launch of a new batch of silver bond. "The government and regulatory bodies have always maintained communication with relevant mainland departments on various policies and measures," he said. "As to the situation you mentioned, we have confidence in the products offered by Hong Kong's insurance industry... In terms of competitiveness, our product desig

First report: Prudential shares tumble on report China will tax offshore insurance returns — reuters.com, 6d