HSBC Life ventures into bancassurance in China

Policies that are sold through HSBC and other banks amounted to $12.6mln and exceeded targets.

HSBC Life Insurance Co, the insurance arm of global financial heavyweight HSBC, hopes to further consolidate its bancassurance business in China, said Terry Lo, chief executive officer of HSBC Life.

"We've gained a strong foothold in the mainland during the first year of operation in Shanghai, with the bancassurance business ranking third among all overseas life insurers in the city," said Lo.

The insurer achieved an annualized premium equivalent of 85.7 million yuan ($12.6 million) in its first year in the mainland, exceeding its business target.

"Our goal is to meet customers' long-term financial needs at different life stages," he said.

Bancassurance, the model of selling insurance policies through banks, so far accounts for over 80 percent of HSBC Life's mainland business, mainly through 30 outlets at its partner banks, selling its retirement, medical, annuity and endowment products.

It has also built up a more than 300-member direct sales force to provide wealth management and financial planning services to high-end clients beyond the bancassurance network.

View the full story in People Daily.