AIA Group said mainland visitor new business value (VONB) still grew in the second quarter versus the first quarter, and June recorded the highest VONB so far this year, according to Ming Pao.

Regional chief executive and group chief distribution officer Chan Wing-sang said mainland authorities have tightened outbound personal investment fund flows since May, and some local tax departments in mainland China have recently charged a 20% personal income tax on dividends from Hong Kong insurance policies held by mainland clients.