TROOPS Inc, a diversified business group headquartered in Hong Kong, is exploring expansion opportunities in the city’s insurance and property management sectors through two potential transactions.
In a statement released on March 24, the company said it has begun early-stage due diligence on a Hong Kong-based insurance brokerage as a prospective acquisition target.
While discussions are ongoing, TROOPS emphasised that the process is still preliminary and that no binding agreement has been signed.
The evaluation is aimed at broadening the company’s service offerings in Asia’s evolving insurance market, subject to standard due diligence procedures, final terms, and regulatory clearance.
This development comes as Hong Kong’s insurance market shows signs of continued growth. Data from the Insurance Authority covering the first three quarters of 2024 reported total gross premiums of HK$480.8 billion. New office premiums for long-term policies – excluding retirement schemes – reached HK$169.6 billion, marking a 15.7% increase over the same period in 2023.
The bulk of new long-term policies came from non-linked individual business, which saw HK$162 billion in new premiums. This included HK$141.4 billion from participating policies and HK$20.7 billion from other non-linked products. Linked individual business declined by 19.7%, totalling HK$7.2 billion in new premiums.
Revenue from in-force long-term policies rose to HK$405.8 billion, an increase of 8.3%. Of that, non-linked policies accounted for HK$358.4 billion. Retirement schemes generated HK$25.5 billion in revenue, up 14%, while linked business declined to HK$16.8 billion.
General insurance premiums during the same period totalled HK$75 billion, with net premiums at HK$51.7 billion. Claims paid reached HK$38.4 billion, and the sector recorded an operating profit of HK$6.7 billion. Direct business in general insurance was led by accident and health policies at HK$18 billion, followed by general liability (HK$9.4 billion), property damage (HK$5.1 billion), and motor vehicle insurance (HK$4.2 billion).
In a parallel move, TROOPS is close to completing an agreement to acquire Bestfaith International Technology Limited, a property services company providing telecommunications infrastructure and fibre-optic support to over 200 buildings across Hong Kong.
The deal, which is expected to conclude pending regulatory and board approvals, would give TROOPS a foothold in building operations, maintenance, and tenant service management.
The company said the developments are part of a broader strategic direction.
“The addition of Bestfaith would establish TROOPS as a key player in the region’s property management industry, while the potential insurance brokerage acquisition would enhance its revenue streams and create cross-selling opportunities between its property management and insurance services divisions,” it said.
TROOPS currently operates across mortgage lending, property investment, and financial technology services, including the operation of a digital financial marketplace.
