George Leung

Director – Hong Kong Life Insurance Client Services

Hong Kong, CN

As a director in Milliman’s Life Insurance Consulting Practice, Hong Kong, George leads multidisciplinary teams that deliver product strategy, pricing, participating fund management, embedded value, and M&A advisory to life insurers in Hong Kong and other Asian markets. He serves as the primary relationship manager for a portfolio of multinational clients, ensuring each engagement is technically robust, commercially sound, and fully aligned with evolving regulatory requirements.

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Experience

George has more than 13 years of actuarial and consulting experience spanning Asia and Europe. Prior to joining Milliman, he was a senior manager with Deloitte’s actuarial practice in Hong Kong, where he oversaw embedded value transitions, capital management projects, and large-scale actuarial model conversions. Earlier in his career, he held actuarial positions with HSBC Insurance in both Hong Kong and London, and with Willis Towers Watson in London.

Publications and Presentations

A regular contributor to industry thought leadership, George is a frequent presenter and panel speaker at regional actuarial and insurance conferences, including the 2024 IFoA Asia Conference and the 2025 SOA Asia Symposium. He has authored several papers on participating fund management and regulation in Hong Kong and Asia, which have been cited by local insurers and professional bodies.

Professional Designations

George is a Fellow of the Society of Actuaries (FSA).

Education

He holds a Bachelor of Science degree in Mathematics with Economics from University College London (UCL).

Affiliations

George is an active member of the Actuarial Society of Hong Kong (ASHK) and continues to support professional development initiatives across the region.

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Publications

Read their latest work

Article

Landscape of critical illness insurance in Asia and the United States

10 December 2025 - by Shir Lynn Ong, Julian Man, Jennifer O’Brien Howard, Ashlee Mouton Borcan, Erica Chan, Scott Chow, Linda Jin, George Leung, Daisuke Seki

The evolution of the US CI insurance market offers useful insights for Asia's insurers navigating increasingly complex consumer needs and market dynamics.

Article

Hong Kong: Remuneration structure for participating products

28 August 2025 - by George Leung, Julian Man, Clement Bonnet, Anson Leung

We review the implications of the Hong Kong Insurance Authority's new regulatory framework for spreading intermediary remuneration.

Article

The Milliman Fulfillment Ratio Index

11 April 2025 - by Julian Man, Lammy Tsang, Clement Bonnet, Valensis Justiani, George Leung

In anticipation of a regulatory change in Hong Kong, we present an updated Milliman Fulfillment Ratio Index and analyze its historical changes.

Article

Hong Kong: Illustration rate cap for participating products

14 March 2025 - by Julian Man, Alex Bryant, Clement Bonnet, George Leung, Lammy Tsang

In our latest Asia e-Alert for Hong Kong, we explore the potential implications of a new regulatory requirement regarding benefit illustrations for par products.

George Leung

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Experience

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Read their latest work

Landscape of critical illness insurance in Asia and the United States

Hong Kong: Remuneration structure for participating products

The Milliman Fulfillment Ratio Index

Hong Kong: Illustration rate cap for participating products

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George Leung

Experience

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