Exclusive | Top Hong Kong insurer HSBC Life targets Asia’s rich, Greater Bay Area retirees for growth
Key growth areas are the wealth hubs of Hong Kong and Singapore, alongside the emerging wealth markets of mainland China and India, CEO Moncreiffe says
“Asia is where we see the highest levels of wealth creation; Asia is also where we see the lowest levels of social insurance,” Moncreiffe, who was elevated to the position in April, said in an exclusive interview with the Post, his first since his appointment.
“Our key growth areas are the two international wealth hubs of Hong Kong and Singapore, alongside the emerging wealth markets of mainland China and India,” he said. “We are already a top-three international Asia insurer by new business volume and value. Roughly 90 per cent of our growth comes from Asia, and this is where we will continue to invest.”
Moncreiffe, a former sports journalist, was previously the Hong Kong and Macau CEO of HSBC Life. He replaced Greg Hingston, who left to pursue other opportunities.
Earlier this year, Moncreiffe was instrumental in HSBC Life selling a world record US$250 million policy. This helped the group’s new insurance value grow 77 per cent in the first half to US$1.3 billion.
Moncreiffe expects the record to be broken soon, as there is strong demand from wealthy individuals for such jumbo policies for estate planning.
“High-net-worth clients will be a key growth driver for HSBC Life in the coming years as we see many first-generation entrepreneurs in Asia looking to transfer their businesses and wealth to the next generation,” he said.
