Allianz Asia Pacific and HSBC have signed a 15-year extension of their exclusive bancassurance distribution agreement, covering key markets in Asia.
Since the agreement was first signed in 2012, HSBC has been distributing Allianz insurance products in the areas of protection, education, retirement, wealth, and legacy needs in the region. The extension will see this continue until 2036.
“At Allianz, we are honoured to extend and further strengthen our partnership with HSBC,” said Anusha Thavarajah, regional CEO, Allianz Asia Pacific. “In the past decade, we have grown a successful global bancassurance partnership that has achieved exponential growth in volume and value. Extending the partnership for an additional 15 years reaffirms the success of our partnership and commitment of HSBC and Allianz, global leaders in banking and insurance respectively, to deliver sustainable growth in Asia. We believe that this partnership will benefit customers with familiarity, stability, and continuity, focusing on wealth management, protection, and health. Together, we will continue to invest and innovate in technology and product to deliver the best in service and solutions through one of the regions’ most powerful banking platforms.”
The distribution agreements in individual markets are subject to necessary approvals from regulators. The partnership is exclusive for life insurance in Indonesia, Malaysia, Philippines, Sri Lanka, Taiwan, and non-life in Malaysia and Sri Lanka. Mainland China will be on a preferred partnership basis.
“As the insurance landscape continues to evolve, Allianz and HSBC have pledged to invest substantially into a new bancassurance model which remains a significant distribution channel of insurance solutions to HSBC customers in Asia-Pacific, where broad distribution of solutions is essential to help close the protection gap, and protect the health, wealth, and assets of the region’s rising middle class,” said Sergio Balbinot, board member, Allianz SE. “The renewed distribution agreement demonstrates Allianz and HSBC’s joint commitment to provide best-in-class insurance products and to deliver a digitally enabled insurance experience that creates value and convenience for customers across the major growth markets in Asia.”