The Hong Kong Mortgage Corporation Limited (HKMC) published its interim results for 2026, reporting unaudited consolidated profit after tax of HKD 3 billion, up from HKD 53.3 million in the first half of 2025. The increase primarily reflected a reversal of accounting losses in the reverse mortgage business as property prices rebounded, smaller accounting losses in the annuity business and higher investment income from placements with the Exchange Fund. The reduction in annuity losses mainly reflected fewer new policies, while investment income benefited from larger placements and higher returns. Adjusted profit after tax rose to HKD 1.083 billion from HKD 874 million. This measure excludes annuity accounting results, the effects of property price changes on reverse mortgages and consolidation adjustments relating to loan portfolios insured by HKMC Insurance Limited. The capital adequacy ratio increased to 18.6% at June 30, 2026, from 18.1% at Dec. 31, 2025, compared with an 8% minimum requirement. Its calculation excludes regulated insurance subsidiaries and the investment cost in those subsidiaries. Corporate debt issuance reached HKD 24.8 billion, compared with HKD 23.3 billion a year earlier. This included HKMC’s inaugural digital bond issuance, comprising three tranches in Hong Kong dollars and offshore renminbi worth approximately HKD 12 billion equivalent, the largest digital bond issuance globally at the time. Business volumes declined in mortgage insurance and annuities. New mortgage insurance loan drawdowns fell to HKD 15.5 billion from HKD 17.5 billion, while annuity premiums decreased to approximately HKD 2.8 billion from HKD 5.4 billion as new policies fell to 3,528 from 11,531.

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