Transamerica Life Bermuda has launched its Opus One Indexed Universal Life (IUL) policy in Hong Kong, making it available to professional investors
The company is among the first in the jurisdiction to offer this type of product following adjustments to the city’s insurance regulatory framework.
The product debut coincides with the appointment of Brandon Szeto as chief commercial officer, a move the company said supports its expansion in the high-net-worth (HNW) segment across Asia.
Chief executive Kristine Ung said the company is building its capabilities to meet the demands of HNW customers in its main markets.
“We are investing in the right talent and capabilities to deliver sophisticated, client-centric solutions across our key markets. Opus One is another example of how we’re bringing that vision to life,” she said.
Szeto said the new policy offers features such as a volatility-managed VC Uncapped Index Account, flexible coverage levels, and liquidity options, aimed at giving clients tools for wealth accumulation and transfer.
“Opus One is designed to meet the evolving needs of today’s HNW clients,” he said. “I’m excited to lead our commercial strategy as we deepen our presence in Asia and beyond.”
According to the insurer, Opus One combines global investment exposure with life insurance protection, intended for clients who want both long-term capital growth and estate planning benefits.
The company said the product is designed for individuals with cross-border financial considerations and complex asset structures.
The launch comes as Hong Kong’s insurance market reports growth in the long-term business line in early 2025, according to the Insurance Authority’s (IA) provisional figures.
IA data for the first quarter shows total gross premiums of HK$220.3 billion, with long-term products comprising the largest share.
New office premiums for long-term business, excluding retirement schemes, reached HK$93.4 billion, up 43.1% from the same period in 2024.
Non-linked individual policies accounted for HK$90.1 billion, of which participating business made up HK$81.7 billion. Linked business premiums increased to HK$3.2 billion.
Qualifying deferred annuity policies brought in HK$2.2 billion from about 35,000 issued policies, representing 2.4% of total individual business premiums.
In-force long-term policies generated HK$189.1 billion in revenue premiums, a 31.1% rise year-on-year.
The general insurance segment posted HK$31.2 billion in gross premiums and HK$20.6 billion in net premiums in the first quarter. Claims paid totalled HK$12.2 billion.
The sector’s operating profit was HK$2.7 billion, including HK$0.9 billion in underwriting profit.
Direct general insurance business contributed HK$17.1 billion in gross premiums, led by accident and health (HK$8 billion), general liability (HK$3.3 billion), and marine, aviation, and transport (HK$2.2 billion).
Reinsurance inward business recorded HK$14.1 billion in gross premiums but reported an underwriting loss of HK$0.2 billion, mainly from general liability and motor vehicle lines.
