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HSBC Life Insurance has opened a new branch in Shenzhen, China’s third-largest city in terms of its economy.
Through this new branch and 10 HSBC bank outlets in Shenzhen, HSBC Life will offer a comprehensive range of insurance solutions covering annuity, term and whole life, critical illness and unit-linked insurance products, to meet customers’ growing protection, retirement, education, wealth growth, and legacy planning needs, a statement by the company said.
Shenzhen is the city with the third-largest contribution to GDP, following Shanghai and Beijing, with all three cities having exceeded the two trillion yuan mark. As one of China’s earliest and most successful special economic zones, Shenzhen is also at the heart of the Greater Bay Area, enabling access to 70 million people in a region which produces 12% of the country’s GDP, the insurer said. The opening of the new Shenzhen branch will allow HSBC Life to significantly expand its reach to meet the growing demand from the rising affluent segments in the region.
“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).
