HSBC Insurance
Encyclopedia
HSBC Insurance Holdings Limited (traditional Chinese: 滙豐保險集團(亞太)有限公司), operating as HSBC Insurance (滙豐保險), is an insurance
company
based in Hong Kong
. It is part of the worldwide HSBC Group and is wholly owned by The Hongkong and Shanghai Banking Corporation Limited.
Through its various underwriting companies, HSBC Insurance sells its services to international and local brokers and agents, direct customers, and its principal agent, The Hongkong and Shanghai Banking Corporation.
HSBC Insurance has offices in Hong Kong, Macau
, Singapore
and Malaysia. In mainland China
, it has representative offices in Beijing
, Shanghai
and Guangzhou
. HSBC Life also opened a representative office in Hanoi
, Vietnam
in January 2007 and began operating in Taiwan
in September 2007. HSBC Insurance's total assets stood at HK$100 billion at the end of June 2007.
Through joint ventures and partnerships, HSBC Insurance furthermore has a presence in:
HSBC Insurance (Asia-Pacific) Holdings Limited was established in 1995, it is the head office of HSBC's Asia-Pacific
insurance business. In the same year, the group acquired Lombard Insurance. In 1996, the business name Carlingford Insurance is changed to HSBC Insurance.
Singapore-based Keppel Insurance was acquired by HSBC Insurance in 2003 and renamed HSBC Insurance (Singapore) Pte Limited.
HSBC Amanah Takaful (Malaysia) Sdn Bhd was incorporated in 2006, after receiving the approval in principle from Bank Negara Malaysia
to form a joint venture takaful
company in Malaysia.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
based in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It is part of the worldwide HSBC Group and is wholly owned by The Hongkong and Shanghai Banking Corporation Limited.
Operations
HSBC Insurance (Asia-Pacific) Holdings Limited is the parent company of four insurance underwriting companies, include HSBC Insurance (Asia) Limited, HSBC Life (International) Limited, HSBC Insurance (Singapore) Pte Limited and HSBC Amanah Takaful (Malaysia) Sdn Bhd (49% held).Through its various underwriting companies, HSBC Insurance sells its services to international and local brokers and agents, direct customers, and its principal agent, The Hongkong and Shanghai Banking Corporation.
HSBC Insurance has offices in Hong Kong, Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
and Malaysia. In mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
, it has representative offices in Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
, Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
and Guangzhou
Guangzhou
Guangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
. HSBC Life also opened a representative office in Hanoi
Hanoi
Hanoi , is the capital of Vietnam and the country's second largest city. Its population in 2009 was estimated at 2.6 million for urban districts, 6.5 million for the metropolitan jurisdiction. From 1010 until 1802, it was the most important political centre of Vietnam...
, Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
in January 2007 and began operating in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
in September 2007. HSBC Insurance's total assets stood at HK$100 billion at the end of June 2007.
Through joint ventures and partnerships, HSBC Insurance furthermore has a presence in:
- South KoreaSouth KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
– a 50% less one share interest in Hana HSBC Life Insurance Company Limited. - IndiaIndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
– a 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Insurance license pending regulatory approval). - VietnamVietnamVietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
– a 10% interest in BaoViet Holdings.
History
HSBC Insurance was originated by Swire Life Assurance Company Limited (established in 1974, later HSBC Life (International) Limited), Carlingford Insurance Company Limited (established in 1978, later HSBC Insurance (Asia) Limited) and Carlingford Medical Insurance Limited (established in 1982, later HSBC Medical Insurance Limited). These companies were known as Carlingford Insurance (嘉豐保險). In 1985, HSBC Group launches an aggressive strategy to operate its insurance business profitably in countries and territories in which the commercial bank has a strong presence. In 1993, Carlingford Insurance starts offering personal life insurance products to customers through the banking network.HSBC Insurance (Asia-Pacific) Holdings Limited was established in 1995, it is the head office of HSBC's Asia-Pacific
Asia-Pacific
Asia-Pacific or Asia Pacific is the part of the world in or near the Western Pacific Ocean...
insurance business. In the same year, the group acquired Lombard Insurance. In 1996, the business name Carlingford Insurance is changed to HSBC Insurance.
Singapore-based Keppel Insurance was acquired by HSBC Insurance in 2003 and renamed HSBC Insurance (Singapore) Pte Limited.
HSBC Amanah Takaful (Malaysia) Sdn Bhd was incorporated in 2006, after receiving the approval in principle from Bank Negara Malaysia
Bank Negara Malaysia
Bank Negara Malaysia is the Malaysian central bank. Established on January 26, 1959 as the Bank Negara Malaya, its main purpose was to issue currency, act as banker and adviser to the Government of Malaysia and regulate the country's credit situation...
to form a joint venture takaful
Takaful
Takaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...
company in Malaysia.