Best’s Market Segment Report: Health and Property Lines of Business Drive Hong Kong’s Non-Life Insurance Growth

HONG KONG, Nov 10 (Bernama-BUSINESS WIRE) -- Hong Kong’s non-life insurance market recorded stable growth in 2025, with gross written premiums (GWP) growing year over year by 8% to HKD 108.5 billion, driven by steady growth in direct business and inward reinsurance activities, according to a new AM Best report.

The Best’s Market Segment Report, “Health and Property Lines Drive Hong Kong’s Non-Life Insurance Growth,” notes that there are 87 authorised pure non-life insurance companies in Hong Kong, as of 31 March 2026, creating tight price competition and margin pressures across the industry, which makes organic growth difficult for some entities. Accident and health (A&H) insurance remains the largest premium contributor, representing 37% of the Hong Kong non-life market. The other two core business segments — property damage and general liability (including employees’ compensation) have held consistent market share in 2024 and 2025.

Despite continued margin pressure from medical inflation, the A&H segment grew by 14.5% in 2025 from the previous year due to strong onshore business demand, an aging population and the city’s role as a regional hub for private medical services and cross-border protection.

“The rapid physical integration of the Greater Bay Area, a major urban and economic cluster in southern China that connects Hong Kong and Macau with nine cities in Guangdong province, has also led to considerable non-local demand,” said Cynthia Ang, senior industry research analyst, AM Best.

The property line of business also showed solid growth as more-frequent catastrophe events have created higher demand for coverage of commercial risks. The expansion of inward reinsurance portfolios was also a factor in the segment’s growth. However, underwriting profit for direct property damage business shrank by 87%, owing largely to huge claims payouts and substantial reserves set aside by insurers following the November 2025 Wang Fuk Court fire.

“A material portion of the gross incurred losses from the Wong Fuk Court fire was transferred to reinsurers, with limited impact on pricing. However, the scale of the event has caused primary insurers and reinsurers to reassess their risk appetite and strategy, leading to stricter underwriting standards, particularly for high-rise renovations and high-risk construction locations,” said Stephanie Mi, senior financial analyst, AM Best.

Other report takeaways include:

• The non-life segment is heavily fragmented, with intense competition and low concentration; no single company holds a market share of more than 10%.
• Favourable prior-year reserve releases contributed to stronger underwriting performance and helped improve the combined ratio for the employees’ compensation insurance segment in 2025.
• Progressive regulatory strategies balance market resilience and industry development by introducing targeted initiatives to streamline compliance and support sustainable growth.

To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=370475.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Contact

Stephanie Mi
Senior Financial Analyst
+852 2827 3402
stephanie.mi@ambest.com

Cynthia Ang
Senior Industry Research Analyst
+65 6303 5026
cynthia.ang@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : A.M. Best Rating Services, Inc.

MARCO GADOLA JOINS ANGELALIGN AS SENIOR ADVISOR

KUALA LUMPUR, Nov 6 (Bernama) -- Hong Kong-listed clear aligner maker, Angelalign Technology Inc (Angel) has appointed former Chief Executive Officer (CEO) of dental medical device company, Straumann Group, Marco Gadola as Senior Advisor.

In this role, Gadola will advise Angel’s board and senior management on culture, strategy and governance, the company said in a statement.

“We welcome Marco as an advocate for our customers and employees around the world and to help us build an outstanding global organisation with a great culture,” said Angel CEO, Fox Hu.

Meanwhile, Gadola said he has followed the company for 10 years and has seen how the company has evolved, from a regional leader in innovative clinical solutions and high-quality products, to a worldwide organisation with an impressive innovation pipeline, citing his excitement to join Angel.

Founded in 2003 and publicly listed since 2021, Angel provides clear aligner solutions to clinically focused professionals and patients in over 60 countries.

-- BERNAMA

Bitget Introduces Open Custody Network, Redefining the Relationship Between Custody and Trading

VICTORIA, Seychelles, Nov 6 (Bernama-GLOBE NEWSWIRE) -- Bitget, the world's largest Universal Exchange (UEX), has announced the launch of the Open Custody Network (OCN), a new network connecting banks and institutional-grade custodians with Bitget’s trading infrastructure for all eligible users.

The initiative addresses a longstanding structural characteristic of the cryptocurrency exchange industry: the concentration of asset custody and trading activities within a single platform. Under the traditional centralized exchange model, users typically transfer their assets to an exchange to access the trading capabilities, concentrating custody and execution within the same venue.

Bitget OCN aims to address this shift by uniting custody independence, banking and institutional-grade security, integrated exchange trading, capital efficiency, and connected liquidity. Through Bitget OCN, users can maintain custody of their assets with participating external providers while accessing trading opportunities on Bitget, without requiring the underlying assets to be held directly in exchange custody. It also aims to provide traders with a more integrated experience, lower barriers to entry for everyone, and more equitable access to financial services.

OCN connects independent custody with Bitget’s spot, margin, and futures markets through asset mirroring, allowing eligible users to trade while keeping assets with their selected provider. For market makers, asset managers, and other institutions, the solutions offer a practical way to manage custody concentration risk while putting externally held assets to work across trading strategies. The result is greater custody flexibility and the ability to deploy externally held assets across trading strategies.

"We challenge the assumption that users must place their assets in an exchange’s custody to access its trading capabilities," said Gracy Chen, CEO of Bitget. "Our proposition, ‘Assets in Bank, Tradings on Bitget.’, puts custody choice at the centre of that approach. For the first time, users can leverage world-class liquidity and capital efficiency with lower barriers and zero compromise on custody.”

For more information, visit here.

About Bitget

Bitget is the world's largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 500+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships such as MotoGP™. Bitget currently leads in the tokenized TradFi market, providing the industry's lowest fees and highest liquidity across 150 regions worldwide.

For more information, visit: Website | X | Telegram | LinkedIn | Discord

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/490757e9-ea5c-475b-a728-6eebdcc4e3fe

SOURCE: Bitget Limited

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

--BERNAMA

NINGBO MAYORS’ DIALOGUE YIELDS 14 COOPERATION AGREEMENTS - CGTN

KUALA LUMPUR, Nov 4 (Bernama) -- The 2026 Global Mayors Dialogue · Ningbo in China’s port city of Ningbo produced 14 cooperation agreements and a joint statement, the Ningbo Consensus on Cooperative Development, after the opening, China Global Television Network (CGTN) reported.

Themed "Openness and Connectivity for Shared Opportunities", the event brought together representatives from 15 countries and 20 international cities. The signed projects cover sister-city exchanges, trade and investment, science and education, and culture and tourism.

“The city’s opening up is not a one-way going out but a two-way embedding into global industrial and innovation chains,” said Ningbo Mayor, Shen Mingquan.

Meanwhile, Auckland Mayor Wayne Brown and Errachidia Mayor Karimi Said, from Morocco, were among the speakers, sharing how their cities have built links with global markets.

Ningbo, one of China’s first coastal cities to open up to foreign trade, maintains economic and trade ties with more than 220 countries and regions, according to CGTN in a statement.

In 2024, Ningbo-based Dashun Fur invested US$40 million in Egypt’s Suez Canal Economic Zone, expanding cooperation to modern logistics from traditional textiles. Products such as milk powder from New Zealand and Moroccan dates are popular among Ningbo residents, and the Maldives is one of their top 10 outbound tourist destinations. (US$1 = RM4.07)

According to CGTN, China’s goods trade reached 45.47 trillion Chinese yuan in 2025, up 3.8 per cent year-on-year, with trade with Belt and Road partners accounting for 51.9 per cent of the total, according to customs data.

The Ningbo Consensus commits participants to deeper industrial collaboration, open trade, and people-to-people exchange.

CGTN said the event showed that openness and connectivity, rather than isolation, remain the surest path to shared opportunity.

-- BERNAMA

UNIVAR SOLUTIONS BUYS LAVO BULK ASSETS TO EXPAND IN CANADA

KUALA LUMPUR, Nov 4 (Bernama) -- Univar Solutions LLC (Univar Solutions), a speciality ingredients and chemicals distributor, has completed the acquisition of certain assets of KIK Consumer Products’ Lavo Bulk (Lavo Bulk) business in Canada, strengthening its presence in Eastern Canada.

The deal expands the complementary chemical solutions and capabilities Univar Solutions can offer customers in the region. Lavo Bulk’s leadership and dedicated sales team have joined the company.

“The addition of Lavo Bulk is a strong strategic fit with our business and our commitment to growing with key customers and critical suppliers in Canada.

“We look forward to building on their established expertise, relationships and capabilities while continuing to deliver the safe, reliable service our customers expect,” said Univar Solutions Chief Executive Officer of Chemical Distribution and Services, Bob Craycraft in a statement.

Meanwhile, Univar Solutions Senior Regional Vice President of Chemical Distribution and Services for Canada and EMEA, Chris Halberg said the company’s immediate focus was on a smooth transition and maintaining service levels for customers.

He said Univar Solutions saw opportunities to deepen its relationships with customers and suppliers across the region.

-- BERNAMA

Vedanta Limited Delivers Highest-ever Half-yearly Profit of $1.21 bn, up 151% YoY

MUMBAI, India, Nov 4 (Bernama-BUSINESS WIRE) -- Indian multinational Vedanta Limited (BSE: 500295 & NSE: VEDL), a global leader in metals and critical minerals, announced its consolidated results for the second quarter and half year ended 30 September 2026, delivering its best-ever financial performance driven by operational excellence and disciplined execution.

Vedanta Limited achieved its highest-ever quarterly Profit of $649 mn, up 151% YoY, while half-yearly Profit reached a record $1.21 bn, up 151% YoY. Vedanta also declared its first interim dividend of INR 5 per share during the quarter, reinforcing its commitment to shareholder returns.

The Company delivered record quarterly revenue of $2.70 bn, up 57% YoY, taking half-yearly revenue to a record $5.18 bn, up 54% YoY. Quarterly EBITDA surged 106% YoY to $1.04 bn, while half-yearly EBITDA reached a record $1.94 bn, up 103% YoY. EBITDA margins expanded to 60% in Q2 and 58% in H1, improving by 1,055 bps and 1,023 bps YoY, respectively.

Vedanta further strengthened its balance sheet, with a best-in-industry Net Debt/EBITDA of 0.1x, from 0.3x in Q1 FY27. Net debt declined by $497 mn QoQ to $380 mn, from $877 mn in June 2026. The Company generated strong Q2 free cash flow (pre-capex) of $607 mn, taking cumulative H1 free cash flow to $1.07 bn. Cash and cash equivalents stood at $2.78 bn.

Underscoring improved financial strength, both ICRA and CRISIL reaffirmed Vedanta Limited’s AA+/Stable credit rating.

Key operational milestones included the commissioning of Gamsberg Phase II in South Africa, adding 200 KTPA of metal-in-concentrate capacity and taking Vedanta Zinc International's total capacity to 500 KTPA. FACOR successfully produced its first tonne of chromite ore from underground mines in Odisha, while Vedanta Limited's portfolio of critical mineral blocks expanded to 11, with five under exploration.

USD-INR exchange rate
Average: 95.57 (Q2), 95.08 (H1)
Closing: 95.92

View source version on businesswire.com:
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Contact

For media queries, contact:
Sonal.Choithani@vedanta.co.in

Source : Vedanta Limited

GUOCOLAND NAMED BEST DEVELOPER, UOL TOPS PROPERTYGURU SINGAPORE AWARDS

KUALA LUMPUR, Nov 3 (Bernama) -- GuocoLand was named Best Developer at the 16th PropertyGuru Asia Property Awards (Singapore), while UOL Group Limited was the most awarded company of the night.

It was the fifth time GuocoLand has won the top honour in the awards’ history, with its Springleaf Residence, developed with Hong Leong Holdings, and River Modern projects also winning across design, development and sales categories. More than 40 awards were presented at a gala dinner at The St Regis Singapore.

“Singapore is unique. With limited land and fierce competition, this market demands precision, innovation, and foresight like nowhere else,” said PropertyGuru Asia Property Awards and Events general manager, Jules Kay in a statement.

UOL Group was named Best Residential Developer, Best Sustainable Developer and Best Hospitality Developer, and also won design and development awards for NoMad Hilton Singapore. Its joint ventures behind Skye at Holland and Thomson Reserve also won multiple awards.

Frasers Property Singapore won Best Luxury Developer, and Jean Yip Developments was named Best Landed Developer, while SingHaiyi Group won both Best Lifestyle Developer and Best Condo Developer. Soon Hock Enterprise Holding was named Best Industrial Developer, and The Assembly Place won Best Co Living Operator.

Wee Hur Holdings executive chairman and managing director, Goh Yeow Lian was named Real Estate Personality of the Year, while SingHaiyi Group and Tang Organization Group chief executive officer (CEO), Gallant Tang received the Rising Star award.

The new Best Selling Awards, based on sales data, went to City Developments Limited for Newport Residences, GuocoLand for River Modern and Sim Lian JV (Tampines 7) for Rivelle of Tampines, as well as the developers of Tengah Garden Residences and the Skye at Holland joint venture. Pinery Residences by Hoi Hup Sunway Tampines Residential won Best Selling Mixed Use Development.

The competitively judged categories were decided by an independent panel chaired by FollowTrade CEO, Roy Ling, with HLB supervising the judging. Top Singapore winners in eligible categories may advance to the Grand Final in Bangkok on Dec 11 to compete for the Best in Asia titles.

-- BERNAMA