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HSBC Life Insurance Company has opened its new branch in Tianjin, China on Thursday.
The branch’s opening will allow the insurer to provide its range of life insurance solutions to HSBC and Hang Seng Bank customers in one of the biggest cities in mainland China, HSBC Life said.
Tianjin is one of the world’s busiest ports and is strategically located in terms of international trade, innovation, and investment through the Tianjin Pilot Free Trade Zone. Data from China’s National Bureau of Statistics showed that annual per-capita disposable incomes in Tianjin were the fourth highest in the country in 2017, behind Shanghai, Beijing, and Zhejiang.
“We will look to accelerate the pace of extending our presence in key cities across mainland China, focused on supporting the rapidly evolving insurance needs of the emerging middle class and affluent segments. Tianjin is an important next step in growing our business in the Mainland,” said Bryce Johns, group head of insurance at HSBC. “This is an exciting time for HSBC Life as the Group focuses on building a leading wealth franchise in Asia.”
Since its establishment in 2009, HSBC Life has been expanding in mainland China. Aside from its new Tianjin branch, it also provides insurance products through bank channels in Shanghai, Beijing, and the Pearl River Delta Region – which includes the cities of Guangzhou, Foshan, Dongguan, and Zhuhai.
