HSBC Life Targets Asia's Wealthy: Growth through Greater Bay Area and High-Net-Worth Clients
HSBC Life Focuses on Asia's High-Net-Worth Clients
According to Edward Moncreiffe, CEO of global insurance at HSBC, the company is targeting Asia's wealthy, especially those in the Greater Bay Area, as crucial for future growth. Moncreiffe, who succeeded Greg Hingston, highlighted significant potential in the wealth markets of mainland China and India.
Record-Breaking Insurance Policies and Growth Drivers
This year, a world record US$250 million policy sale exemplifies HSBC Life's ambitions, contributing to a 77 percent growth in new insurance business. The boom in life insurance sales follows an uptick in demand across Hong Kong and visits from affluent individuals, driving new sales to HK$115.9 billion.
HSBC anticipates increasing demand for insurance products as interest rates drop, prompting clients to seek better returns through insurance policies.
Emerging Trends in the Greater Bay Area
With a surge in Hongkongers relocating to the Greater Bay Area, HSBC Life expects to provide tailored life and retirement plans there. New multicurrency savings plans are gaining traction among clients as they consider financial options for education and investments overseas.
In the past year, HSBC Life has engaged with clients from 49 different countries, showcasing its position as an international financial leader.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.