HSBC appoints global CEO of life insurance business

Firm has ramped up investments in this business over the past two years

HSBC appoints global CEO of life insurance business

Insurance News

By Gabriel Olano

HSBC has appointed Greg Hingston (pictured above) as global CEO, HSBC Life and Insurance Partnerships, effective Jan. 1. He succeeds Bryce Johns, who will leave the company.

In his new role, Hingston will be responsible for leading and growing HSBC’s insurance business, which contributed around a third of overall profits for the global wealth and personal banking (WPB) portfolio and around 12% of group profits in the first half of 2021.

Hingston has been with HSBC for 15 years, and most recently served as Asia-Pacific head of WPB. He previously held various roles in retail banking, customer value management and strategy in the HSBC group. Earlier in his career, he spent five years at Prudential Corporation Asia, where he led business development, strategic planning and M&A.

“We are extremely pleased to have Greg lead our insurance business globally, a key growth engine for WPB and a critical part of our strategy to become the leading wealth manager in Asia,” said Nuno Matos, HSBC’s chief executive for WPB. “Under Greg’s leadership of WPB in Asia, we have achieved record financial performance in key areas, gained market share and, most importantly, significantly enhanced the range of wealth, international and digital services to benefit the full spectrum of our customers in the region. This provides a solid foundation to continue to transform and exponentially grow our insurance franchise as we aim to scale up our wealth capabilities globally, particularly in the Greater Bay Area, mainland China, ASEAN and India.”

Over the past two years, HSBC has ramped up investments in life insurance. In Hong Kong, HSBC Life once again became a leading bancassurer and launched new digital health platforms Olive, Well+ and Benefits+. In mainland China, HSBC established Pinnacle, a new digitally-enabled mobile financial planning business. In August, HSBC Life announced the acquisition of AXA Singapore, the first acquisition for the group in 10 years.

“I am delighted to take on this new opportunity, to strengthen our position as a leading global bancassurer that serves the full breadth of our client relationships across the group and continue to contribute towards becoming a leading wealth manager globally, particularly in Asia, where we aim to build leading health and wealth insurance platforms and propositions,” Hingston said.

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