HSBC Life Insurance has opened a new branch in China’s Zhejiang Province, after receiving regulatory approval to conduct business in China’s fourth largest province.
The branch is located in Hangzhou, the province’s capital and one of the fastest growing cities in China, a statement from HSBC Life said.
The insurer will offer various products – such as annuity, whole life, critical illness, and unit-linked insurance – through the branch and its network of bank outlets.
Read more: HSBC points to Asia insurance push
“The life insurance market in Zhejiang presents great potential for growth and development as life insurance penetration and density (premiums per capita) stand at 2.57% and RMB2,522 (US$354) respectively, compared with 6.81% and RMB17,938 in the advanced markets of Asia-Pacific,” said Dany Lui, chief executive of HSBC Life in China. “HSBC Life is committed to bridging the protection gap by bringing together our world-leading expertise in bancassurance, needs-based financial planning approach and customer-focused services to meet the insurance needs of our customers in Zhejiang.”
Established in 2009, HSBC Life in China is headquartered in Shanghai. It is a joint venture between HSBC Insurance (Asia) Ltd and The National Trust Ltd. With the opening of the Zhejiang branch, HSBC Life now serves customers in nine cities covering Shanghai, Beijing, Tianjin, Hangzhou and the Pearl River Delta Region – including Guangzhou, Foshan, Dongguan, Zhuhai, and Shenzhen, the statement said.
