The French AXA Group, the biggest insurance company worldwide, has established its Asia Pacific headquarters in Hong Kong in a bid to tap into what it calls tomorrow's insurance market.

In a statement released by AXA, the Regional Chief Executive Mark Pearson said: 'Asia, with its high insurance potential growth, is tomorrow's insurance market for AXA. To achieve success in Asia, AXA needs to be present today. Our strategic intent in establishing this regional headquarters in Hong Kong is to provide functional expertise, assist growth and build scale to the region.'

He added: 'We see tremendous business opportunities in the region, and have full confidence in Hong Kong as a gateway to both China and the Asian markets and as an international hub for financial services.'

Officiating at the opening of the AXA Asia Life Regional Centre yesterday (Thursday) was Hong Kong's Financial Secretary, Mr Antony Leung, who said: 'Of all the cities in Asia, Hong Kong has the most competitive edge in the Mainland, which has the largest potential market in the world. This highlights Hong Kong's unrivalled location for multinational companies to manage their growing business in the Asia Pacific region.'

AXA operates in about 60 countries and employs some 140,000 people around the world. In Asia it has a presence in 12 countries and is one of the five foreign insurers permitted to operate in China since 1999.

Also welcoming AXA's move to set up its regional headquarters in Hong Kong, was the acting Director-General of Invest Hong Kong, Helen Lindsay Peterson. Ms Peterson commented: 'Hong Kong has already developed into a leading insurance centre in Asia and has attracted many of the world's top insurers such as AXA. With the progressive liberalisation of the Mainland's insurance market after China's accession to the World Trade Organisation, there will be ample business opportunities for those global insurers like AXA, who base their regional headquarters in Hong Kong.'