HSBC points to Asia insurance push

Firm saw surge in profit during the first quarter

HSBC points to Asia insurance push

Insurance News

By Terry Gangcuangco

London-headquartered HSBC Holdings Plc, whose profit after tax in the first quarter grew 31% to US$4.9 billion, is keen to grow even bigger.

Earlier this month the British group reported strong growth in Asia where revenue climbed 7% in the first three months of 2019. Now, according to Reuters, HSBC is looking at boosting not only its retail wealth management workforce in the region but also its insurance distribution and product offerings.

In particular, the banking and financial services holding company wants higher numbers in Singapore, Hong Kong, and mainland China.

“We are not even partly done in terms of the upside for insurance,” the news agency quoted HSBC’s Asia-Pacific head of retail banking and wealth management Kevin Martin as saying.

“And as we have increased distribution, provided all products and put digital capabilities in place and promoted the brand, the growth you see will continue.”

The firm’s life insurance operation is part of the wealth management business.

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