Products Insurance Founded 1974 Parent organization HSBC | Headquarters Hong Kong Number of employees 1,250 | |
Type Subsidiary of HSBC Holdings plc Key people David Fried, Chairman and CEO Website www.insurance.asiapacific.hsbc.com | ||
HSBC Insurance (Asia-Pacific) Holdings Limited (traditional Chinese: 滙豐保險集團(亞太)有限公司), operating as HSBC Insurance (滙豐保險), is an insurance company based in Hong Kong. It is part of the worldwide HSBC Group and is wholly owned by The Hongkong and Shanghai Banking Corporation Limited.
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Operations
HSBC Insurance (Asia-Pacific) Holdings Limited is the parent company of four insurance underwriting companies, include HSBC Insurance (Asia) Limited, HSBC Life (International) Limited, HSBC Insurance (Singapore) Pte Limited and HSBC Amanah Takaful (Malaysia) Sdn Bhd (49% held).
Through its various underwriting companies, HSBC Insurance sells its services to international and local brokers and agents, direct customers, and its principal agent, The Hongkong and Shanghai Banking Corporation.
HSBC Insurance has offices in Hong Kong, Macau, Singapore and Malaysia. In mainland China, it has representative offices in Beijing, Shanghai and Guangzhou. HSBC Life also opened a representative office in Hanoi, Vietnam in January 2007 and began operating in Taiwan in September 2007. HSBC Insurance's total assets stood at HK$100 billion at the end of June 2007.
Through joint ventures and partnerships, HSBC Insurance furthermore has a presence in:
History
HSBC Insurance was originated by Swire Life Assurance Company Limited (established in 1974, later HSBC Life (International) Limited), Carlingford Insurance Company Limited (established in 1978, later HSBC Insurance (Asia) Limited) and Carlingford Medical Insurance Limited (established in 1982, later HSBC Medical Insurance Limited). These companies were known as Carlingford Insurance (嘉豐保險). In 1985, HSBC Group launches an aggressive strategy to operate its insurance business profitably in countries and territories in which the commercial bank has a strong presence. In 1993, Carlingford Insurance starts offering personal life insurance products to customers through the banking network.
HSBC Insurance (Asia-Pacific) Holdings Limited was established in 1995, it is the head office of HSBC's Asia-Pacific insurance business. In the same year, the group acquired Lombard Insurance. In 1996, the business name Carlingford Insurance is changed to HSBC Insurance.
Singapore-based Keppel Insurance was acquired by HSBC Insurance in 2003 and renamed HSBC Insurance (Singapore) Pte Limited.
HSBC Amanah Takaful (Malaysia) Sdn Bhd was incorporated in 2006, after receiving the approval in principle from Bank Negara Malaysia to form a joint venture takaful company in Malaysia.