How our acquisition of AXA Singapore will benefit customers | Insight

The combination of AXA Singapore into HSBC Life, following HSBC’s largest acquisition in 10 years, offers us the dimensions and experience to supply prospects what no-one else can, says Greg Hingston, HSBC’s CEO International Insurance coverage and Partnerships.

These are unprecedented occasions. We now have a number of simple macro world tendencies in the mean time, that are affecting folks internationally. The primary is longevity – individuals are dwelling longer and, as such, planning for that is extra necessary than ever. Secondly, the growing value of dwelling and value of accessing healthcare is affecting many elements of the world.

Offering options to those tendencies might be tremendous necessary and insurance coverage have to be entrance and centre of this. Will probably be extra necessary than ever to have end-to-end options for our prospects by means of all their life levels.

It’s why insurance coverage is pivotal and why we now have such large ambitions for HSBC Life. And it’s why we purchased AXA Singapore – to assist us meet these ambitions.

We wanted to scale up in Singapore – it’s a key marketplace for us and the AXA enterprise complemented ours. HSBC Life in Singapore was centered on financial savings and investments whereas AXA was extra well being centred.

The acquisition has allowed us to scale up our providing and our breadth of distribution, and considerably improve our buyer base on each the retail and business sides. It has given us a springboard to be extra related out there and supply broader merchandise to our current purchasers and purchase new prospects.

Will we make extra acquisitions? Probably. If they offer us the chance to boost our scale, proposition, or functionality.

This isn’t simply true for our insurance coverage enterprise – this technique is related to the financial institution total. We are going to think about wise bolt-on acquisitions that add worth and permit us to leapfrog into burgeoning alternatives.

Our focus

Relating to Asia, we’re centered on 4 key markets – Hong Kong, Singapore, mainland China and India.

Hong Kong and Singapore are the 2 key worldwide monetary centres within the area with important off-shore wealth, whereas mainland China and India are probably the most important upcoming shopper economies globally.

Exterior of Asia, the UK and Mexico are our key markets for insurance coverage and the place we are able to leverage our financial institution scale. It’s about collaborating within the markets the place we now have a proper to win.

We’re already a key participant as HSBC in these markets, so, by specializing in insurance coverage, scaling up our enterprise and providing our prospects extra, we are able to present a joined-up proposition that no-one else can. We are able to present the whole lot prospects want in an built-in manner, by means of only one supplier – moderately than totally different merchandise from totally different suppliers. We’re aiming to make it simpler and easier for patrons.