Protesters demand to meet execs
By Hu Xiaocen |
March 22, 2013, Friday
|
Print Edition
Print Edition
MORE than 100 former employees at HSBC Life Insurance Co staged a protest rally yesterday at HSBC China's headquarters in Shanghai, demanding a meeting with top executives after being sacked.
Worried clients rushed to the office building in Lujiazui in Pudong New Area seeking assurances over the validity of their policies.
Responding to a Shanghai Daily inquiry, the life insurer sought to assure clients in a statement yesterday that policies remain in force and clients will continue to be serviced by the insurer.
The insurer, a joint venture founded in 2009 with Beijing-based National Trust, said it dismissed the contract agents and decided to shift to bancassurance which will only serve customers of the bank and partner banks like Hang Seng Bank and the Bank of Communications.
The insurer said more than 100 contract agents, authorized to distribute the company's products, will be offered alternative arrangements with Allianz China Life Insurance, a joint venture between Allianz and Beijing-based CITIC Trust. The other affected employees will be offered redeployment.
Allianz said in a separate statement that the company has been the insurer's strategic partner since 2008 and is willing to provide job opportunities to the dismissed staff.
One of the sacked employees surnamed Wang, however, said she was not aware of any compensation plans so far or any redeployment arrangement. She criticized the company's arrogant and condescending attitude and said the protesters hoped for a chance to talk to management.
Some of the protesters carried signs that said "fraud" in Chinese. There were also minor scuffles between protesters and security guards on Wednesday as sacked employees were restrained from entering the office, according to the protesters. Police, who arrived at the building after protesters called them on Wednesday, continued to patrol the area yesterday afternoon.
HSBC's China insurance venture lost 146.3 million yuan (US$23.6 million) in 2011, 20 percent deeper than the previous year's loss, according to the latest annual report posted on its website. Its premium income rose 40 percent in January to 27.5 million yuan from a year earlier, slowing from a 78 percent jump for 2012, according to data from the China Insurance Regulatory Commission.
HSBC Chief Executive Stuart Gulliver has closed or sold 47 businesses from the time he took the top job in 2011 through March 4, the bank said in a statement that day. In February, the lender sold its stake in Ping An Insurance (Group) Co.
Worried clients rushed to the office building in Lujiazui in Pudong New Area seeking assurances over the validity of their policies.
Responding to a Shanghai Daily inquiry, the life insurer sought to assure clients in a statement yesterday that policies remain in force and clients will continue to be serviced by the insurer.
The insurer, a joint venture founded in 2009 with Beijing-based National Trust, said it dismissed the contract agents and decided to shift to bancassurance which will only serve customers of the bank and partner banks like Hang Seng Bank and the Bank of Communications.
The insurer said more than 100 contract agents, authorized to distribute the company's products, will be offered alternative arrangements with Allianz China Life Insurance, a joint venture between Allianz and Beijing-based CITIC Trust. The other affected employees will be offered redeployment.
Allianz said in a separate statement that the company has been the insurer's strategic partner since 2008 and is willing to provide job opportunities to the dismissed staff.
One of the sacked employees surnamed Wang, however, said she was not aware of any compensation plans so far or any redeployment arrangement. She criticized the company's arrogant and condescending attitude and said the protesters hoped for a chance to talk to management.
Some of the protesters carried signs that said "fraud" in Chinese. There were also minor scuffles between protesters and security guards on Wednesday as sacked employees were restrained from entering the office, according to the protesters. Police, who arrived at the building after protesters called them on Wednesday, continued to patrol the area yesterday afternoon.
HSBC's China insurance venture lost 146.3 million yuan (US$23.6 million) in 2011, 20 percent deeper than the previous year's loss, according to the latest annual report posted on its website. Its premium income rose 40 percent in January to 27.5 million yuan from a year earlier, slowing from a 78 percent jump for 2012, according to data from the China Insurance Regulatory Commission.
HSBC Chief Executive Stuart Gulliver has closed or sold 47 businesses from the time he took the top job in 2011 through March 4, the bank said in a statement that day. In February, the lender sold its stake in Ping An Insurance (Group) Co.
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