On December 30, HSBC Holdings announced that HSBC Insurance (Asia) Co., Ltd., a wholly-owned subsidiary of HSBC Holdings Co., Ltd., today announced that it had received a reply from the Shanghai regulatory bureau of Bank Of China Limited(601988) Insurance Regulatory Commission, approving the change of shareholders of HSBC Life Insurance Co., Ltd., a joint venture with National Trust Co., Ltd., which holds 50% equity respectively, and the share ratio of HSBC Insurance (Asia) was increased to 100%.
This is the third wholly-owned foreign life insurance company successfully approved after AIA life and Allianz life.
Headquartered in Shanghai, HSBC life now operates in 10 major cities in the mainland, including Shanghai, Beijing, Tianjin, Hangzhou, Guangzhou, Shenzhen, Foshan, Dongguan, Zhuhai and Zhongshan. Founded in 2009, the company provides customers with comprehensive insurance solutions including annuity, life insurance, serious illness and investment linked products.
Recently, HSBC life has been changing. On December 15, HSBC Life announced that the chairman Bryce Leslie Johns would leave the HSBC Group due to his resignation, and the successor sun Danying would serve as the chairman of the company after obtaining the qualification approval of the CBRC.
For a wholly-owned life insurance company, Liao Yijian, CO chief executive of HSBC Asia Pacific, said: "the growth of HSBC Group's insurance business is very important for us to achieve our strategic goal of becoming a leading wealth management organization in Asia. Wholly controlling HSBC Life means that we have taken a step towards this goal and confirmed our commitment to strengthen the expansion of wealth management business in China."
Hingray, the proposed chief executive of HSBC Insurance, said that the life insurance subsidiary wholly controlled by HSBC will help better realize the business growth plan. In collaboration with the mobile private wealth planning service launched by HSBC Lingfeng venture capital plan, the service capacity will be significantly improved to meet the rapidly growing wealth management and insurance needs of customers in China, especially in Dawan district.
Hu min, general manager of HSBC life, said that the increased holdings of HSBC life reflected 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, 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 capacity and service capacity. In the future, we will uphold the principle of the insurance industry The initial intention of creating long-term value, integrating the international linkage advantages of HSBC Group, and making more distinctive innovations in pension finance, green insurance and digital insurance. "
(interface News)
