After 18 months, the equity change of HSBC Life was finally settled.
On December 30, HSBC Insurance (Asia) Co., Ltd. announced that it had received the reply from the Shanghai Banking and insurance regulatory bureau to approve the change of shareholders of HSBC Life Insurance Co., Ltd. (hereinafter referred to as “HSBC Life”) jointly established with National Trust Co., Ltd., which holds 50% equity respectively, and the share ratio of HSBC Insurance (Asia) Co., Ltd. has increased to 100%, becoming the second joint venture to wholly foreign-owned life insurance company.
the second joint venture to wholly foreign-owned life insurance company
In recent years, the opening up of China’s financial industry has been expanding and deepening.
Since last year, the restrictions on the proportion of foreign investment in Chinese joint venture life insurance companies have been officially abolished, and the proportion of foreign investment in joint venture life insurance companies can reach 100%. Whether to go their separate ways or continue to win-win, the future of the joint venture life insurance company ushers in a T-junction.
In November this year, Sino German Allianz life, a joint venture life insurance institution, announced that it was approved to transfer 49% of the equity of Sino German Allianz life held by CITIC Trust to Allianz (China) Insurance Holdings Co., Ltd., becoming the first joint venture to wholly foreign-owned life insurance company.
As early as may last year, the board of directors of HSBC life also held the fourth meeting (temporary) in 2020 by telephone and video, and unanimously approved that National Trust Co., Ltd. would sell 50% of the equity held by national trust in HSBC life to HSBC Insurance (Asia) Co., Ltd. The change of shareholders shall take effect after being approved by the CIRC.
After 18 months, the equity change plan of HSBC Life was finally settled. HSBC Insurance (Asia) Co., Ltd. increased its shareholding ratio of HSBC life to 100%, becoming the second joint venture to wholly foreign-owned life insurance company after Allianz life.
Since 18 months, 15 directors, supervisors and senior managers have changed
It is worth noting that in the past 18 months, at least 15 senior directors and supervisors of HSBC life have changed.
On December 15, Bryce Leslie Johns, chairman of HSBC life, stepped down, and sun Danying will become chairman of HSBC Life after being approved.
On December 8, HSBC Life announced the appointment of Hu min as the general manager of HSBC life, fully responsible for HSBC’s insurance business in China.
Over the past 18 months, HSBC life has introduced and promoted a number of senior executives as audit principal, compliance principal, chief investment officer, chief product officer, head of Health Insurance Division, chief business development officer of private wealth planner channel and senior executives of branches in Guangdong, Beijing, Tianjin, Zhejiang and Shenzhen.
Of the 19 executive positions publicly disclosed by HSBC life, 11 have changed.
focus on Dawan district market and focus on pension finance
Hingray, the proposed chief executive of HSBC Insurance, said: “The life insurance subsidiary wholly owned by HSBC will help us realize our business growth plan more flexibly. With the mobile private wealth planning service launched by HSBC Lingfeng venture capital plan, our service capacity will be significantly improved to meet the rapidly growing wealth management and insurance needs of customers in China, especially in the Great Bay area.”
Hu min, general manager of HSBC life, said: the increase in HSBC Life shares reflects the group’s firm confidence in China’s insurance market. We are particularly optimistic about the pension and health security market, which is ushering in a golden period of development. By 2030, the market scale of China’s pension industry is expected to reach 13 trillion yuan 1, in which the insurance industry will play an important role. In recent years, we have focused on increasing investment in science and technology and talents, and introduced more compound management talents with diverse backgrounds, which has effectively promoted the improvement of product innovation, investment ability and service ability.
Hu Min said that in the future, HSBC life will adhere to the original intention of creating long-term value in the insurance industry, integrate the international linkage advantages of HSBC Group, and make more distinctive innovations in pension finance, green insurance and digital insurance.
(Southern Metropolis Daily)
