HSBC Insurance (Singapore), has been granted official status as a Tier 1 insurer after it passed the S$5bn (US$3.6bn) assets mark and has met the official guidelines issued by the Monetary Authority of Singapore (MAS).
HSBC Insurance (Singapore) is a wholly owned subsidiary of HSBC Insurance (Asia Pacific), an offshoot of the London-based holding company of the HSBC Group.
The company currently offers a range of life insurance solutions to its retail, corporate and private banking customers and has deals with a number of bancassurance partners such as local and global banks.
Ian Martin, chief executive of HSBC Insurance (Singapore), said that the granting of official Tier 1 status is a “significant milestone” for the company and is the culmination of a series of growth plans implemented by the company since it was set up in 2003.
“We operate an integrated bancassurance model that provides insurance products principally for customers with whom we have a banking relationship,” said Martin “Being part of the wider HSBC Group allows us to efficiently utilise our resources to deepen our market share and offer market-leading products.”
The separate unit was formed in 2003 when HSBC acquired Keppel Insurance to form part of its overall Singapore’s operations. Since then, the company’s total assets in Singapore have grown almost five-fold to S$4.3bn (US$3.6bn) in 2015 and last year exceeded S$5bn (US$3.6bn) for the first time.
MAS classes a Tier 1 insurer is defined as a direct life or composite insurer with total assets of at least S$5bn (US$3.6bn), that is subject to higher corporate governance standards.
HSBC Singapore also serves high net worth individuals via its Premier and Private Banking units from its Singapore base.