Allianz strikes exclusive deal with HSBC for six key markets

Global re/insurer  Allianz has entered into an exclusive bancassurance partnership with  HSBC Holdings covering six markets across Asia.

The Hongkong and Shanghai Banking Corporation, a wholly-owned subsidiary of  HSBC Holdings plc, has entered into a

The 15-year exclusive distribution agreement with the Hongkong and Shanghai Banking Corporation, a wholly-owned subsidiary of  HSBC Holdings, will enable  Allianz SE (Singapore) branch to provide a comprehensive range of insurance products to  HSBC customers across Asia.

The new partnership covers exclusive distribution of life insurance products in Taiwan, Indonesia, Malaysia, the Philippines and Sri Lanka, and non-life insurance products in Malaysia and Sri Lanka. For mainland China, the agreement will be on a non-exclusive, preferred basis in select cities where HSBC Life currently does not have a presence.

Nuno Matos, chief executive of wealth and personal banking at  HSBC, said: “We are delighted to continue and expand our successful partnership with  Allianz in Asia, which will extend the build out of our distinctive and holistic wealth and health planning business. We will also be able to offer a more comprehensive suite of products and services, leveraging new channels and tools – from digital, data & analytics, to health and wellness and direct marketing initiatives to serve the growing protection, wealth and health needs of our customers in these key markets.”

Greg Hingston, CEO of  HSBC Global Insurance and Partnerships, added: “Our insurance manufacturing and partnerships business has been on an accelerated growth trajectory. We acquired AXA Singapore last year, then received regulatory approval to take full ownership of our mainland China insurance JV,  HSBC Life China. Now, we have renewed our partnership with  Allianz to support six key markets in Asia, representing an opportunity of more than US$450 billion[2] in insurance premiums. This milestone partnership strengthens our position as a leading global bancassurer and supports the HSBC Group’s wider ambition to become the leading wealth manager in Asia.”

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