HSBC Holdings plc has underscored its commitment to expanding in China after its indirect wholly-owned subsidiary, HSBC Insurance (Asia) Limited, received approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to acquire the remaining 50% stake in HSBC Life Insurance Company Limited (HSBC Life China).
The approval allows HSBC to increase its shareholding to 100% upon completion. Additionally, HSBC continues to invest in its insurance business in mainland China, including in Pinnacle.
HSBC Life China is headquartered in Shanghai, and has a presence in ten key mainland cities covering Shanghai, Beijing, Tianjin, Hangzhou, Guangzhou, Foshan, Dongguan, Zhuhai, Shenzhen, and Zhongshan.
The entity was established in 2009, and now offers a wide range of insurance solutions across annuity, whole life, critical illness, and unit-linked insurance products.
David Liao, Co-Chief Executive Officer (CEO), Asia-Pacific at HSBC, said: “Growing our insurance business is key to delivering on our strategic priority of being a leading wealth manager in Asia.
“Full ownership of HSBC Life China brings us closer to this goal, and shows our commitment to expanding our broader wealth offering in mainland China.”
Greg Hingston, CEO designate, HSBC Global Insurance and Partnerships, commented: “With full ownership, we will have greater flexibility in accelerating our growth plans.
“In tandem with HSBC Pinnacle, our digital and mobile wealth planning and insurance platform, we will be able to significantly expand our capabilities to serve the growing wealth and insurance needs of our customers in China, particularly in the Greater Bay Area.”
