The Hong Kong Federation of Insurers (HKFI) has confirmed a new leadership line-up for its 2026/2027 term, appointing executives from AXA and AIA to lead its Governing Committee and maintaining separate chairs for the general and life insurance councils. The appointments followed the federation’s announcement on April 30, 2026.
The HKFI Governing Committee for 2026/2027 will be led by Sally Wan of AXA General Insurance Hong Kong Limited as chairman, with Alger Fung of AIA International Limited serving as deputy chairman. The committee includes members from domestic and international insurers operating in the Hong Kong market.
The members of the Governing Committee are:
Under the Governing Committee, HKFI operates two specialist bodies: the General Insurance Council (GIC) and the Life Insurance Council (LIC). For the new term, the GIC is chaired by Kelvin Cheung, while the LIC is chaired by Alfred Cheung. The two councils are responsible for technical, product, regulatory, and practice issues within their respective segments of the market.
HKFI, founded in August 1988, is recognised by the Hong Kong SAR Government as the representative body for authorised insurers in the territory. Its functions include acting as a collective voice for the sector, coordinating responses to regulatory consultations, and taking part in initiatives related to market development and regulatory change. The federation’s mandate also covers the promotion of insurance awareness among the public and supporting consumer confidence by promoting ethical conduct and professional standards among its members. It works with the Insurance Authority (IA) and other public bodies through committees, working groups, and industry forums.
As chairman of the Governing Committee, Sally Wan holds several roles within HKFI’s internal structure. She serves as a councillor for both the General Insurance Council and the Life Insurance Council. She is deputy convenor of the Special Working Group on the Insurance Authority’s proposed enhanced measures for participating products, chairman of the Legal Working Group of the GIC, and chairman of the FemPower Insurance Network under the Governing Committee.
Wan also holds positions across a range of external industry bodies. Her roles include membership of the Industry Advisory Committee on General Business for the Insurance Authority, industry membership of the General Committee of the Insurance Complaints Bureau, council membership of the Motor Insurers’ Bureau of Hong Kong, and membership of the Market Development Committee of the Financial Services Development Council.
She serves as president of the 31st East Asian Insurance Congress and is a member of the HKMA Insurance Management Committee and the HKTDC Financial Services Advisory Committee. Representing HKFI, she sits on the HKGCC Economic Policy Committee, which examines economic policy issues affecting Hong Kong. In her corporate role, Wan is chief executive officer of AXA Greater China. She oversees the management and operations of AXA Hong Kong & Macau and AXA Tian Ping and has oversight of the ICBC-AXA business and AXA Asian Markets Services, which focuses on information technology services in Asia. Her career includes regional roles at AIA Group in financial planning, management, and business development, as well as finance roles at Allianz Fire and Marine Japan Ltd. She began her career with KPMG Hong Kong and is a Fellow of CPA Australia. She holds a Bachelor’s degree in Commerce from The University of New South Wales, Australia.
Deputy chairman Alger Fung combines his HKFI responsibilities with his role as chief executive officer of AIA Hong Kong & Macau, a position he has held since 2021. Within the federation, he sits on the Life Insurance Council and chairs the Task Force on People Development under the Governing Committee, which addresses workforce and skills issues for the sector. At AIA Hong Kong & Macau, Fung leads the long-term insurance business and oversees performance across the Hong Kong and Macau markets.
His previous role as chief executive officer of AIA Thailand included changes to protection products, the unit-linked portfolio, and agency operations. He also worked on the bancassurance partnership with Bangkok Bank through adjustments to distribution and sales management. Earlier, as general manager of the Guangdong Branch of AIA China, he led a transition to a full-time, professional agency model aimed at increasing value of new business and contributing to AIA China’s broader development. Fung has more than 30 years of experience in the life insurance sector, with leadership roles in multiple Asian markets.
General insurance matters within HKFI will be overseen by Kelvin Cheung, managing director of China Ping An Insurance (Hong Kong) Company Limited, as chairman of the General Insurance Council. He also chairs the Task Force on Motor Insurance Sustainable Development and is a member of the Task Force on Greater China Affairs. Cheung has held senior posts with a number of international insurance groups, including Allied World Assurance, HSBC, Chubb, AXA, MSIG (Hong Kong), and Asia Insurance. He holds roles in industry and professional bodies as council member of the Motor Insurers’ Bureau of Hong Kong, director and vice president of The Hong Kong Chinese Insurance Association Limited, Advisory Board Member of the Chartered Insurance Institute Hong Kong, member of the Insurance Training Board of the Vocational Training Council, and advisory member on Business Studies and Risk and Insurance Management at Lingnan University. He also sits on the Hong Kong Management Association Insurance Management Committee.
Life insurance matters will continue to be overseen by Alfred Cheung, deputy chief executive and chief sales officer at BOC Group Life Assurance Company Limited, as chairman of the Life Insurance Council. He chairs the InsurTech Task Force of the LIC and participates in the Task Force on Greater China Affairs of the Governing Committee, the Professional Standards Working Group of the LIC, and the Special Working Group on the Insurance Authority’s proposed enhanced measures for participating policies.
At BOC Life, Cheung oversees business development and leads all distribution channels, including bancassurance, tied agency, brokerage, and other partnerships. His earlier role as appointed actuary at BOC Life covered product pricing and valuation, asset-liability management, and actuarial and financial risk management. He also serves as a mentor for the Hong Kong Science & Technology Parks Corporation and The Chinese University of Hong Kong MBA program. Cheung holds a degree in Actuarial Science from The University of Hong Kong and an EMBA from The Chinese University of Hong Kong.
