HSBC Life Insurance Company Limited (HSBC Life), a 50:50 joint venture between HSBC Insurance (Asia) Limited and Beijing-based The National Trust Limited, marked the official launch of its insurance operations in Beijing in a ceremony held today after receiving a licence to offer HSBC insurance products in the city recently. HSBC Life has been operating in Shanghai since August 2009.
HSBC’s expanded insurance presence in China will enable HSBC and Hang Seng Bank customers across a combined 14 outlets in Beijing to access a comprehensive range of HSBC insurance solutions covering life and health protection, retirement and education savings, and investments.
Louisa Cheang, Group General Manager and Head of Retail Banking and Wealth Management for HSBC in Asia-Pacific, said: “Rapid wealth creation among Chinese households is stimulating demand for financial services, including insurance protection, long-term savings and wealth management. As Asia’s global bank and the largest foreign bank in China, HSBC is uniquely positioned to harness our strengths in insurance, wealth and asset management to provide integrated solutions to our customers for every stage and ambition of their life. The expansion of our insurance business into Beijing will enable us to support the insurance needs of a wider customer base in order to grow our Retail Banking and Wealth Management business in China.”
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Building on HSBC’s bancassurance leadership, HSBC Life ranked second1 among foreign and joint venture life insurers in Shanghai in terms of new business premiums in the first half of 2011. With over 20 products supporting the long-term savings and protection needs of affluent and high net worth customers in Shanghai, HSBC Life’s bancassurance business handles insurance portfolios with an average case size of RMB100,000, ten times over the market average.
HSBC expands Insurance business into Beijing/2
Paul Menzies, Deputy Regional Head of Insurance, HSBC Insurance (Asia-Pacific), said: “Bancassurance has become the fastest growing channel for insurance sales across Asia. In China, nearly half of all new life insurance policies are now sold through banks, from only 3% almost a decade ago. As the No 1 provider in the life insurance2 and Mandatory Provident Fund3 markets in Hong Kong and with our initial success in Shanghai, we will build on the strength of the HSBC brand, our needs-based financial planning approach and best practices as a leading global bancassurer to meet the increasing insurance needs of our customers in China.”
Terry Lo, Chief Executive Officer of HSBC Life, said: “The new branch in Beijing is a key milestone, extending our presence and reach in China’s capital city which has a significant and growing pool of affluent individuals. As people accumulate wealth, there are numerous opportunities for families to improve their quality of life and achieve their aspirations. Our recent survey shows that affluent Chinese are most concerned about medical and life protection and saving for their children’s education. Only a third are seriously planning for retirement. HSBC has an important role to play as a financial partner that understands customer needs to provide simple, reliable and tailored solutions.”