24 March 2009
HANA HSBC LIFE INSURANCE MARKS FIRST YEAR WITH EXPANDED PRODUCTS AND CHANNELS
***Underscores the successful partnership between HSBC Insurance and Hana Financial Group*** ***Plans to drive sales via diversified product range and distribution network in 2009*** Today marks the first year of operations of Hana HSBC Life Insurance Limited, the insurance joint venture between HSBC Insurance (Asia-Pacific) Holdings Limited and Hana Financial Group.
On this occasion, the company is launching the Hana SAFE Annuity product to address the retirement and long-term savings needs of Korean consumers. By 2030, close to half of the population in Korea is expected to be aged 50 and older.
In 2009, Hana HSBC Life Insurance plans to drive sales via its recently expanded sales network and product range. Earlier this year, a credit enhancement guarantee insurance product was introduced, tailored especially for Korean customers.
Yoon Insub, President and CEO of Hana HSBC Life Insurance, said: “We are pleased with the progress we are making in Korea, the second largest insurance market in Asia and the seventh largest globally. Over the past year, we have rebranded the joint venture to reflect the partnership between two strong financial groups, offering both local market understanding and global bancassurance expertise.”
Hana HSBC Life Insurance is gaining a foothold in the market by launching new products and building its distribution infrastructure of branches, bancassurance partners, agency and telemarketing channels, he added. Policies-in-force were up 12 per cent to 130,000 at the end of 2008.
This news release is issued by
The Hongkong and Shanghai Banking Corporation Limited
Registered Office and Head Office: 1 Queen’s Road Central, Hong Kong Web: www.hsbc.com.hk Incorporated in the Hong Kong SAR with limited liability
Hana HSBC Life Insurance marks first year with expanded products and channels/2
In 2008, Hana HSBC Life Insurance added two telemarketing centres to bring the total to three and boosted the sales force to 200 telemarketers. In addition to the six bancassurance partnerships existing in early 2008, another five partners came on board over the course of the year. Customers can now purchase Hana HSBC Life Insurance products from 11 companies, including Samsung Securities, Daewoo Securities, Daegu Bank, Shilla Savings Bank and Anyang Mutual Savings Bank. HSBC’s 11 branches in Seoul, Daejeon and Daegu also offer Hana HSBC Life Insurance products.
David Fried, Chairman and Chief Executive Officer of HSBC Insurance (AsiaPacific) Holdings Limited, said: “Our initial success in growing our distribution capabilities in Korea demonstrate the potential of bancassurance to enhance our banking services and help build the business organically. We will make the most of our bancassurance strengths to penetrate and support this exciting market, and to make Hana HSBC Life Insurance one of the top 10 players in the local insurance industry.”
In 2008, Hana HSBC Life Insurance strengthened its solvency ratio to 282 per cent, outpacing the industry average of 204 per cent.
HSBC Insurance is the one of the largest insurers in the world, serving customers globally through underwriting, agencies and insurance brokers. It achieved US$10.9 billion (about KRW12 trillion) in net earned premiums and US$2.6 billion (about KRW2.9 trillion) in pre-tax profit in 2008.
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Hana HSBC Life Insurance Limited HSBC Insurance acquired 50 per cent less one share of Hana Life Insurance (renamed Hana HSBC Life Insurance) in January 2008. The remaining interest in Hana HSBC Life Insurance is held by Hana Financial Group. In 2008, Hana HSBC Life Insurance grew premium income by 36 per cent and increased its number of policies-in-force by 12 per cent.
Hana HSBC Life Insurance marks first year with expanded products and channels/3 more HSBC Insurance (Asia-Pacific) Holdings Limited HSBC Insurance (Asia-Pacific) Holdings Limited is the parent company of four underwriting companies: HSBC Insurance (Asia), HSBC Life (International), HSBC Insurance (Singapore) and HSBC Amanah Takaful (Malaysia) (49 per cent held). Its shareholdings also include 50 per cent less one share of Hana HSBC Life Insurance in Korea, 26 per cent of Canara HSBC Oriental Bank of Commerce Life Insurance in India and 10 per cent of Bao Viet Holdings in Vietnam. It has representative offices in Beijing, Shanghai and Guangzhou in mainland China where the HSBC Group holds a 16.78 per cent stake in Ping An Insurance. The Hongkong and Shanghai Banking Corporation Limited The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with over 9,500 offices in 86 countries and territories and assets of US$2,527 billion at 31 December 2008, is one of the world’s largest banking and financial services organisations.