HSBC Insurance (Singapore) has announced that with immediate effect, it will be a Monetary Authority of Singapore’s Tier-1 insurer.
A Tier-1 insurer is defined as a direct life or composite insurer whose total assets are at least 5 billion Singapore dollars, or a direct general insurer or reinsurer whose annual gross premiums are at least 500 million Singapore dollars.
In 2003, HSBC acquired Keppel Insurance to form part of its Singapore’s operations. Since that time, its total assets in Singapore grew by almost five-fold to 4.3 billion Singapore dollars in 2015 and in excess of 5 billion Singapore dollars in 2016.
Private Banking Clients
Tier-1 insurers are subject to higher corporate governance standards.
As HSBC Singapore also serves high net worth individuals through its Premier and Private Banking units, HSBC Insurance (Singapore) will continue to support the rising demand for protection and legacy planning solutions through its Universal Life product offerings.
Manufacturing Capability
It will also continue to invest in and leverage on digital technology and data analytics to sharpen its product suite, distribution and sales channels the institution said in a media release.
Singapore is one of the key markets with life insurance manufacturing capabilities, alongside the UK, France, Mexico, Argentina, and Hong Kong.
«This is a significant milestone for us as a result of our focus to sustainably grow the business since we first acquired the initial insurance book in 2003,» said Ian Martin, (pictured) Chief Executive Officer, HSBC Insurance (Singapore).
