New York Life Insurance, the world's leading life insurer, said it is targeting a 15 percent sales growth in Hong Kong for the current year, supported by the growing awareness of personal financial management in the city.

"In 2008, we expect to see strong growth from both life and our investment-linked products. We have experienced terrific success with our unit-linked products, which have posted solid increases year-on-year," said Anthony Mak, chief executive officer for New York Life in Hong Kong.

The Hong Kong operation of the New York-based insurer announced a 67 percent growth in business premium for 2007, compared to a market average of 42 percent.

The company's investment-linked business climbed 125 percent in 2007, and overall earnings were 41 percent higher than the previous year, supported by an 82 percent increase in total business growth, the company said.

The outstanding result for 2007 demonstrated that the group was on the right path for growth, boasting "quality of product and quality of advice," said Mak. The insurer was established in Hong Kong in 1988 and took the city as regional headquarters ever since. Hong Kong makes 12 percent contribution to the group's sales revenue in Asian market.

"New York Life came to Hong Kong 20 years ago and it became an important regional headquarters ever since, it is among our six focusing areas in Asia," said John Harrison, the group's vice chairman and chief executive officer of the Asia region.

"Our Hong Kong operation had another strong year last year, as did New York Life's operations across the Asia region," Harrison told China Daily. New York Life launched seven new products last year, and introduced early this year a new cancer product.

"As we celebrate our 20th anniversary in Hong Kong this year, we are committed to raising the level of professionalism among insurance agents," said Mak.

Some 180 insurance companies have operations in Hong Kong betting on the city's strong demand for financial management.

New York Life International offers insurance products through its subsidiaries and affiliates in Hong Kong, Shanghai and Taiwai province as well as India, Argentina, Mexico, the Philippines, South Korea and Thailand.

(HK Edition 05/20/2008 page2)