Business
HSBC Life Eyes Asia’s Wealthy and Greater Bay Area Retirees for Expansion: Exclusive Insights from CEO Moncreiffe
Special Report | Leading Hong Kong insurance company, HSBC Life, aims at Asia's affluent and retirees in the Greater Bay Area for expansion
The main focus for growth comprises the prosperity centers of Hong Kong and Singapore, in addition to the rising wealth sectors in mainland China and India, according to CEO Moncreiffe.
Moncreiffe, who ascended to his current role in April, expressed in his first exclusive interview with the Post that Asia is the region with the greatest development of wealth. However, he also noted that it's the same area where social insurance is at its minimum.
"He stated that our primary areas of expansion are the two global wealth centers of Hong Kong and Singapore, in addition to the developing wealth sectors in mainland China and India. We're currently ranked among the top three international insurers in Asia in terms of new business quantity and worth. Approximately 90% of our growth is derived from Asia, and this is where we plan to continue our investments."
Moncreiffe, who used to be a sports reporter, formerly held the position of CEO for HSBC Life in Hong Kong and Macau. He took over from Greg Hingston, who departed to explore different pursuits.
Earlier this year, Moncreiffe played a crucial role in HSBC Life's sale of a record-breaking US$250 million policy. This significantly contributed to the company's new insurance value, which saw a 77% increase in the first half of the year, reaching US$1.3 billion.
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