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Established in June 2009, HSBC Life is a 50% joint venture life insurance company between HSBC Insurance (Asia) Limited and National Trust. HSBC Life, as a "banking system", accounted for 90% of premium revenue in 2012 through part-time agency channels, and the annual reports since then show that the proportion of this data continued to increase until 2018, reaching 98%. Is it "back to the big trees to enjoy the cool" or is it difficult to expand multiple channels?
It is understood that this entry into the Zhejiang insurance market, HSBC Life continues to exert its shareholders'advantages in the banking and insurance channels, with dividend-based annuity products to lock in high net worth people. The head of HSBC Life told Daily Economic News: "After the opening of Zhejiang Branch, the company will seek opportunities to further expand its business territory by integrating market demand, development and banking partners from all over the country."
Although it has been 10 years since its establishment, HSBC Life has not yet entered the profit cycle. With the continuous expansion of branches in recent years, the company's profit volatility is also greater. According to the financial data of 2019, although the first quarter earned 110 million yuan, the second quarter fell into a loss of 151 million yuan again.
Continuously Enlarging the Development of Mainland Market
On the 26th, HSBC Life announced the formal opening of Zhejiang Branch, which is the "horse race enclosure" of HSBC Life in the mainland market again after the opening of Tianjin and Shenzhen Branches in 2018.
HSBC Life's official website shows that it has set up a headquarters and four branches in Shanghai, Guangzhou, Shenzhen, Beijing and Tianjin. The approval of Zhejiang Branch indicates that HSBC Life's offline insurance business network will go further from the Pearl River Delta to the Yangtze River Delta.


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