ENG-2011 — Page 113

Financial and Monetary Affairs | 77

Hong Kong continues to be one of the most open insurance centres in the world. Among the 163 authorised insurers at the end of 2011, a total of 78 were from 20 overseas countries or the Mainland. Twelve of the world's top 20 insurers were authorised to conduct insurance business in Hong Kong either directly or through a group company. There were 19 professional re-insurers in Hong Kong, including most of the world's top re-insurers. Gross premium income in 2011 was $225.8* billion.

Hong Kong continued to attain very high credit rating in 2011. Standard & Poor's affirmed Hong Kong's AAA rating, the agency's highest rating, while Moody's Investors Service and Fitch Ratings affirmed Hong Kong's rating at Aa1 and AA+ respectively, reflecting the agencies' recognition of Hong Kong's above average growth prospects, strong external position and consistently robust fiscal performance.

Major Initiatives in 2011

Relentless efforts were made in 2011 to enhance Hong Kong's competitiveness as an international financial centre and to develop Hong Kong as a capital formation. centre, asset management centre and an offshore RMB business centre. The Government continues to work closely with regulators and the industry to modernise Hong Kong's regulatory framework, enhance financial infrastructure and strengthen investor protection. It also continues to press ahead with various initiatives to develop further Hong Kong's fund-raising platform, bond market, wealth management services and RMB business.

Enhancing Hong Kong's Competitiveness as an International Financial Centre

To build on Hong Kong's strength as China's global financial centre, the Government optimises its regulatory framework to keep abreast of local and international developments, to enhance the quality of its markets and to increase their depth and breadth.

Fund-raising Centre

The HKEX continues to attract new listings from the Mainland and other strategically important international markets. In 2011, American, Kazakh, Italian, Japanese and Swiss companies listed in Hong Kong for the first time. The HKEX also saw Hong Kong's first RMB-denominated IPO and real estate investment trust (REIT). Newly listed companies are attracted by the market's liquidity, attractive valuations and access to investors in Asia. Riding on the growing list of overseas companies listed in Hong Kong as a positive development, the HKEX continues to visit key overseas markets to share with them Hong Kong's advantages as one of the most vibrant capital raising platforms in the world. In addition, the HKEX has been streamlining its listing process for overseas companies, and accepting more overseas jurisdictions as places of incorporation.

Provisional statistics.

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