HSBC Insurance (Asia)’s joint venture with Beijing-based The National Trust Limited, HSBC Life Insurance Company (HSBC Life), has launched its insurance operations in Beijing after being licensed to offer HSBC insurance products in the city. This move is a part of HSBC’s intention to capitalize on China’s burgeoning wealth.
“Rapid wealth creation among Chinese households is stimulating demand for financial services, including insurance protection, long-term savings and wealth management,” explains Louisa Cheang, group general manager and head of retail banking and wealth management for HSBC Asia-Pacific. “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.”
HSBC and Hang Seng Bank customers will now have more access to HSBC insurance solutions through a combined 14 outlets. Services include life and health protection, retirement and education savings, and investments. The National Insurance Industry Communications Club ranked HSBC Life second among foreign joint business venture life insurers in Shanghai in terms of business premiums in the first half of 2011.
“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,” says HSBC Life’s chief executive officer Terry Lo. “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.”
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