HSBC moved to the number one position in Individual Life New Business (Regular Premium) production in the first quarter of 2009 with 17.9% market share, according to the latest figures from the Office of the Commissioner of Insurance (OCI).
HSBC’s Individual Life New Business (Regular Premium) grew a massive 324% compared to the first quarter of 2008. In the same period, the life insurance industry as a whole saw regular premium new business decline by some 27%.
In terms of the HSBC Group, HSBC and Hang Seng Bank together had a combined market share of 35.3 per cent for Individual Life New Business (Regular Premium) at the end of 1Q 2009 (HSBC: 17.9%; Hang Seng: 17.4%). On New Single Premium business, the two banks’ combined market share was 23.1% (HSBC: 16.8%; Hang Seng: 6.3%), taking the top position in the Hong Kong market.
“This is a clear demonstration of our ability to meet customer needs during challenging times,” says Jason Sadler, managing director, insurance business Hong Kong. “As our customers have ‘gone back to basics’, so have we, providing them with a comprehensive range of protection and savings products delivered in a simple and transparent manner. Our strong performance not only reflects HSBC’s financial strength and resilience in the current economic climate, but also clearly shows the strength of HSBC’s bancassurance model that customers know they can trust and rely on.”
D.C.