Business
HSBC Life Targets Asia’s Wealthiest and Emerging Markets for Growth: An Exclusive with CEO Moncreiffe
Special Report | Leading Hong Kong insurance company HSBC Life aims for Asia's affluent and retirees in the Greater Bay Area for expansion
CEO Moncreiffe identifies the main areas of expansion as the wealth centers of Hong Kong and Singapore, together with the rising wealth markets in mainland China and India.
"Asia is the region with the most significant wealth generation; however, it also has the least social insurance coverage," Moncreiffe stated in his first exclusive interview with the Post since his promotion in April.
"He stated that our primary areas of expansion are the two global wealth centers of Hong Kong and Singapore, in addition to the budding wealth markets in mainland China and India. We already rank among the top three international insurers in Asia in terms of new business quantity and worth. Approximately 90 per cent of our growth is driven by Asia, which will remain our main investment focus."
Moncreiffe, who used to be a sports reporter, previously served as the CEO of HSBC Life in Hong Kong and Macau. He took over the position from Greg Hingston, who departed to explore different ventures.
Moncreiffe played a crucial role in HSBC Life's sale of a globally unprecedented insurance policy worth US$250 million earlier this year. This significantly contributed to the company's new insurance value surge of 77% in the first six months, reaching US$1.3 billion.
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