Participating life market data for Hong Kong and Singapore: new business volumes, participating share and the fulfilment ratio index

This page uses data published by the regulators and industry associations of both markets to show where participating life sits in the Hong Kong and Singapore life insurance markets. In short: participating business makes up the overwhelming majority of Hong Kong's long term new business, at about 85% of new office premiums in 2025; in Singapore, participating products made up about 24% of weighted new business premiums in 2025, with investment-linked products taking a larger share. But the two markets measure differently — Hong Kong uses "new office premiums" and Singapore uses "weighted new business premiums" — so this page sets the figures side by side without ranking them, and does not treat market size as evidence of whether a product is better or worse. Data are as at 2026-10-24; unless stated otherwise, all percentages below are approximations calculated by this site from the original data.

Start with the definitions: new office premiums vs weighted new business premiums

Before reading the two markets' data, it is important to be clear about the statistical basis. Both sets of figures appear to be "new business premiums", but they are calculated differently:

The weighted basis reduces the weight of single premium business, whereas the Hong Kong basis makes no such adjustment. So "HK$282.8 billion of Hong Kong participating business" and "S$1.564 billion of Singapore participating weighted new business" are neither the same statistic nor suitable for comparison after conversion into a single currency. Each set of figures describes the internal structure of its own market.

Hong Kong: participating business as a share of long term new business

The IA's provisional statistics show that Hong Kong's long term new business has grown rapidly over the past two years, with participating business consistently making up the great majority:

For the full year 2025, new office premiums from non-linked individual business were HK$312.1 billion and from linked individual business HK$18.5 billion. In other words, what the Hong Kong market calls a "savings-type participating plan" or "savings plan" falls mainly into the "participating business" category in regulatory statistics.

Two notes. First, the IA's first-half 2025 data were released on 2025-10-24; as at this page's update date (2026-10-24), this site had not found public reports of the provisional statistics for the first half of 2026 — the IA press release list is authoritative, and the figures will be added once published. Second, new business volumes reflect sales, not the investment performance of participating funds, and still less future bonus levels.

Why Mainland visitor data are no longer reported separately

Mainland visitors were once a major source of new individual life business in Hong Kong. The IA's provisional statistics for 2024, published on 2025-04-25, show new office premiums from Mainland visitors of HK$62.8 billion (+6.5% year on year), or 28.6% of individual new office premiums.

Since the first quarter of 2025, the IA has stated in its quarterly press releases that it is conducting "a comprehensive review of the scope and criteria for collecting data on non-local policyholders", and that separate statistics on Mainland visitors will not be published until the review is complete. Insurance Business Asia reported on 2026-07-25 that this gap was continuing.

For readers, this means:

1. Most "Mainland customer share" figures circulating online for 2025 onwards are not official IA statistics, and their source should be checked before they are cited;
2. Trends in policies bought by Mainland customers can currently be judged only from official data for 2024 and earlier, or from information disclosed by insurers themselves;
3. The suspension does not in itself signal any change in regulatory policy; the reason given by the IA is a review of the statistical basis.

Singapore: participating products as a share of weighted new business premiums

The Life Insurance Association Singapore (LIA) publishes weighted new business premiums in three categories: participating, non-participating and investment-linked.

For the full year 2025, non-participating products made up 32% of weighted new business premiums and investment-linked products 44%. Compared with Hong Kong, participating life makes up a markedly smaller share of new business in Singapore. This reflects differences in product mix, distribution channels and statistical basis, and cannot simply be read as "one market's participating life is better". The first-half 2026 data come from a media report; this site has not read the original LIA release directly, so please rely on the formal LIA press release when citing them.

The fulfilment ratio index: a third-party view of the industry

Hong Kong requires insurers to publish fulfilment ratios year by year, but the IA does not publish an industry-wide index. The actuarial consultancy Milliman compiles a "Hong Kong fulfilment ratio index" using its own methodology; the key points of the reporting year 2024 edition, published on 2026-05-01, are:

When using these figures, note that this is an index compiled by a third-party actuarial consultancy using its own methodology, not official IA data; industry averages mask differences between companies and product series; and past fulfilment ratios do not indicate future distributions. Singapore has no "fulfilment ratio" disclosure; the past performance of participating policies is mainly seen through the product summaries and annual bonus notices required under MAS Notice 320, so the two markets' data cannot be compared directly. For how to read the fulfilment ratios of an individual product series, see How to read fulfilment ratios.

How to use these data, and how not to

Market data help answer "how common is this type of product in the local market" and "what is the regulatory statistical basis", not "which policy should I buy".

They can be used to 1. Understand how Hong Kong savings-type participating plans are classified in regulatory statistics, and their share of long term business; 2. Track structural changes among participating, non-participating and investment-linked products in Singapore; 3. Check whether figures circulating online have an official source, such as Mainland visitor shares after 2025.

They cannot be used to 1. Infer the future bonuses of a particular insurer or product; 2. Convert Hong Kong new office premiums and Singapore weighted new business premiums into one currency and rank them; 3. Treat the fulfilment ratio index as an industry commitment or an official rating.

Data release calendar: the IA's quarterly provisional statistics are generally published within about one quarter after the quarter ends (first-half 2025 data were released on 2025-10-24); LIA generally publishes full-year data in February and first-half data in August; the Milliman fulfilment ratio index is an annual publication. This page is updated as official data are released. Readers who want help interpreting what the data mean for their own situation can register their needs through this site's contact options.