Related News
Green light for HSBC life insurance JV
By Zhang Fengming |
June 10, 2009, Wednesday
|
Print Edition
Print Edition
HSBC yesterday said it has regulatory approval to launch a life insurance joint venture with National Trust Ltd.
The China Insurance Regulatory Commission has approved HSBC and Beijing-based National Trust as equal partners in the joint venture, HSBC Life Insurance Co, which will have a registered capital of 500 million yuan (US$73.2 million). It will open for business in the third quarter of this year.
"This investment will allow us to further broaden our insurance offering in China where economic growth is estimated to be 7.8 percent this year, and the growing personal wealth base will drive the use of insurance products," said David Fried, chairman and chief executive officer of HSBC Insurance for Asia Pacific.
HSBC Life will offer life, pension and medical insurance products. It will employ an agency sales force and have bancassurance partnerships in selling its policies.
Insurance penetration, or premiums as a percentage of the economy, is low at 3.3 percent in China, sharply lower than in more mature markets such as the United Kingdom where it is 18 percent.
China is targeting an economic growth of 8 percent this year despite the global financial crisis. The World Bank and the International Monetary Fund have forecast a growth of 6.5 percent.
HSBC also holds 16.78 percent of Ping An Insurance (Group) Co.
The China Insurance Regulatory Commission has approved HSBC and Beijing-based National Trust as equal partners in the joint venture, HSBC Life Insurance Co, which will have a registered capital of 500 million yuan (US$73.2 million). It will open for business in the third quarter of this year.
"This investment will allow us to further broaden our insurance offering in China where economic growth is estimated to be 7.8 percent this year, and the growing personal wealth base will drive the use of insurance products," said David Fried, chairman and chief executive officer of HSBC Insurance for Asia Pacific.
HSBC Life will offer life, pension and medical insurance products. It will employ an agency sales force and have bancassurance partnerships in selling its policies.
Insurance penetration, or premiums as a percentage of the economy, is low at 3.3 percent in China, sharply lower than in more mature markets such as the United Kingdom where it is 18 percent.
China is targeting an economic growth of 8 percent this year despite the global financial crisis. The World Bank and the International Monetary Fund have forecast a growth of 6.5 percent.
HSBC also holds 16.78 percent of Ping An Insurance (Group) Co.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
