AXA Launches Hong Kong High-Net-Worth Platform Targeting Mainland Chinese Clients Seeking Offshore Insurance and Wealth Services
AXA unveiled AXA Global Private on Monday to serve wealthy families with combined insurance, wealth, and succession services. The move targets rising cross-border wealth inflows into Hong Kong.
info.gov.hkAXA launched AXA Global Private, a Hong Kong-based platform that bundles life insurance, wealth management, and succession services for high-net-worth families in Asia. The platform also offers niche coverages including kidnap-and-ransom, art collection, and family-office insurance.
Sally Wan, CEO of AXA Greater China and newly appointed head of AXA Global Private, said mainland Chinese customers returning after COVID were high-net-worth individuals seeking diversification and protection for family businesses and legacy planning.
She noted that wealthy families often place 5% to 10% of assets in participating life policies that function like trusts. S. or Hong Kong dollars and provide exposure to asset classes harder to access in China.
Wan said mainland Chinese policyholders account for roughly half of AXA Hong Kong’s portfolio by premium, with many arriving through private banks. Wan stated that high-net-worth underwriting, financial planning, and tax-planning needs are more complex than for mass-affluent clients.
She added that AXA can handle art insurance and other specialized products internally rather than purchasing them from third parties.
2 billion), up 24%. The insurer sold AXA Investment Managers to BNP Paribas last year to refocus on core insurance operations. 9 trillion in such assets, according to Boston Consulting Group data.
6 trillion by decade’s end versus $4 trillion for Switzerland. Wan said Hong Kong’s IPO market, family-office growth, and government promotion helped accelerate the milestone. She noted inflows also come from Taiwan, Korea, and India, though mainland China remains the dominant source.
73 births per woman. Wan said longer lifespans increase pressure on insurers and that high-net-worth clients combining life, health, and long-term care coverage are better positioned for extended retirements. Wan suggested AXA may expand the Global Private platform to the Middle East after Asia, though she described current Gulf inflows as very limited.
