Hana HSBC Life Insurance Limited Is Expands Products And Channels

These days marks the first year of operations of Hana HSBC Life Insurance Limited, the insurance joint venture between HSBC Insurance (Asia Pacific) Holdings Limited and Hana Financial Group. On this occasion, the company is launching the Hana SAFE Annuity

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These days marks the first year of operations of Hana HSBC Life Insurance Limited, the insurance joint venture between HSBC Insurance (Asia-Pacific) Holdings Limited and Hana Financial Group.

On this occasion, the company is launching the Hana SAFE Annuity product to address the retirement and long-term savings needs of Korean consumers. By 2030, close to half of the population in Korea is expected to be aged 50 and older.

In 2009, Hana HSBC Life Insurance plans to drive sales via its recently expanded sales network and product range. Earlier this year, a credit enhancement guarantee insurance product was introduced, tailored especially for Korean customers.

“We are pleased with the progress we are making in Korea, the second largest insurance market in Asia and the seventh largest globally,” says Yoon Insub, president and CEO of Hana HSBC Life Insurance. “Over the past year, we have rebranded the joint venture to reflect the partnership between two strong financial groups, which offers both local market understanding and global bancassurance expertise.”

Hana HSBC Life Insurance is gaining a foothold in the market by launching new products and building its distribution infrastructure of branches, bancassurance partners, agencies and telemarketing channels, he added. Policies-in-force were up 12% to 130,000 at the end of 2008.

In 2008, Hana HSBC Life Insurance added two telemarketing centres to bring the total to three and boosted the sales force to 200 telemarketers. In addition to the six bancassurance partnerships in place in early 2008, another five partners came on board over the course of the year. Customers can now purchase Hana HSBC Life Insurance products from 11 companies, including Samsung Securities, Daewoo Securities, Daegu Bank, Shilla Savings Bank and Anyang Mutual Savings Bank.

HSBC’s 11 branches in Seoul, Daejeon and Daegu also offer Hana HSBC Life Insurance products.

“Our initial success in growing our distribution capabilities in Korea demonstrate the potential of bancassurance to enhance our banking services and help build the business organically,” says David Fried, chairman and chief executive officer of HSBC Insurance (Asia-Pacific) Holdings Limited. “We will make the most of our bancassurance strengths to penetrate and support this exciting market, and make Hana HSBC Life Insurance one of the top 10 players in the local insurance industry.”

In 2008, Hana HSBC Life Insurance strengthened its solvency ratio to 282%, outpacing the industry average of 204%.

HSBC Insurance is the one of the largest insurers in the world, serving customers globally through underwriting, agencies and insurance brokers. It achieved US$10.9 billion (about KRW12 trillion) in net earned premiums and US$2.6 billion (about KRW2.9 trillion) in pre-tax profit in 2008.

D.C.

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