HSBC Life Insurance has opened a new branch in Shenzhen, as it bids to take advantage of China's less restrictive regime for financial services.
HSBC has targeted China's third-largest city in economic terms (behind Shanghai and Beijing), as a new outlet for its range of insurance products including annuities, term and whole life insurance, critical illness and unit-linked insurance products.
The company said in a statement that it will use its new branch and an additional 10 HSBC bank outlets in Shenzhen to drive new business and to "significantly expand" its reach to meet the growing demand from what it sees as the rising affluent segments in the region.
"The success of our insurance business in mainland China will be a key driver in our ambitions to build a leading wealth and insurance business in Asia.”
"The opening of our Shenzhen branch fortifies our coverage to five cities in the Pearl River Delta, a region characterized by rapid wealth growth, cutting edge innovation and a burgeoning affluent customer segment," said Bryce Johns, group head of insurance at HSBC.
"This strengthens our reach and ability to provide tailored and relevant insurance products and services to more of our bank customers in this important region. The success of our insurance business in mainland China will be a key driver in our ambitions to build a leading wealth and insurance business in Asia."
Since its establishment in 2009, HSBC Life has expanded its network in mainland China and now serves the following areas: Shanghai, Beijing, Tianjin, and the Pearl River Delta Region (Guangzhou, Foshan, Dongguan, Zhuhai and Shenzhen), the company added.