HSBC launches insurance business in Beijing

HSBC Life’s bancassurance business handles insurance portfolios with an average case size of RMB100,000.

HSBC Life Insurance Company Limited, a 50:50 joint venture between HSBC Insurance (Asia) Limited and Beijing-based The National Trust Limited, marked the official launch of its insurance operations in Beijing after receiving a licence to offer HSBC insurance products in the city recently. HSBC Life has been operating in Shanghai since August 2009.

HSBC’s expanded insurance presence in China will enable HSBC and Hang Seng Bank customers across a combined 14 outlets in Beijing to access a comprehensive range of HSBC insurance solutions covering life and health protection, retirement and education savings, and investments.

HSBC Life’s bancassurance business handles insurance portfolios with an average case size of RMB100,000, ten times over the market average.

Terry Lo, Chief Executive Officer of HSBC Life, said: “The new branch in Beijing is a key milestone, extending our presence and reach in China’s capital city which has a significant and growing pool of affluent individuals. As people accumulate wealth, there are numerous opportunities for families to improve their quality of life and achieve their aspirations. Our recent survey shows that affluent Chinese are most concerned about medical and life protection and saving for their children’s education.”