HSBC Life prepares to deepen presence
By Zhang Fengming |
September 9, 2010, Thursday
|
Print Edition
Print Edition
HSBC Life Insurance Co Ltd plans to expand to eight provinces or municipalities in five years to deepen its presence in China, Chief Executive Officer Terry Lo said yesterday.
The Shanghai-based insurer, a venture between London-based HSBC and Beijing-based National Capital, will tap HSBC's banking network to reach affluent Chinese, Lo said in Shanghai.
"Bancassurance will be our main sales channel with agents a complement" to selling policies, he said.
Bancassurance accounted for over 80 percent of the insurer's premiums. Bancassurance accounted for more than half of the life premiums in Shanghai so far this year
The insurer, a late entrant to China's life insurance market, has teamed up with 30 outlets of HSBC, HSBC's affiliate Hang Seng Bank and HSBC's Chinese partner Bank of Communications to sell policies.
HSBC Life is the No. 3 bancassurance player after Sun Life Everbright Life and United MetLife Insurance Co in Shanghai.
The insurer's annualized premiums hit over 85.7 million yuan (US$12.6 million) since it started a year ago.
The Shanghai-based insurer, a venture between London-based HSBC and Beijing-based National Capital, will tap HSBC's banking network to reach affluent Chinese, Lo said in Shanghai.
"Bancassurance will be our main sales channel with agents a complement" to selling policies, he said.
Bancassurance accounted for over 80 percent of the insurer's premiums. Bancassurance accounted for more than half of the life premiums in Shanghai so far this year
The insurer, a late entrant to China's life insurance market, has teamed up with 30 outlets of HSBC, HSBC's affiliate Hang Seng Bank and HSBC's Chinese partner Bank of Communications to sell policies.
HSBC Life is the No. 3 bancassurance player after Sun Life Everbright Life and United MetLife Insurance Co in Shanghai.
The insurer's annualized premiums hit over 85.7 million yuan (US$12.6 million) since it started a year ago.
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