Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
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
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
