HSBC Life Hong Kong Broke Guinness World Records of Most Valuable Life Insurance Policy Sold with a $250 Million Policy for an UHNW Individual, Contract is HSBC Life Paramount Global Life Insurance Plan, HBSC Life Issued 10 Other Policies with More than $50 Million Value Over Last 12 Months
2nd March 2024 | Hong Kong
HSBC Life Hong Kong has broke the Guinness World Records of the “Most Valuable Life Insurance Policy Sold” with a $250 million policy for an UHNW individual (Ultra high net worth). The contract is HSBC Life Paramount Global Life Insurance Plan, a whole of life protection policy with wealth preservation and legacy planning features. In the last 12 months, HBSC Life had issued 10 other policies with more than $50 million value. HSBC Life: “HSBC Life Hong Kong (“HSBC Life”) broke the existing Guinness World Records of the most valuable life insurance policy ever sold1 with a US$250m life insurance policy (the “Policy”) issued to an individual. Issued, and fully underwritten by HSBC Life, the Policy was taken out earlier this year by an Ultra High Net Worth (“UHNW”) customer, introduced via the insurer’s broker partner Charles Monat Group. The contract is an HSBC Life Paramount Global Life Insurance Plan, a whole of life protection policy with wealth preservation and legacy planning features. Apart from the Policy, HSBC Life also issued 10 other policies with values of US$50m or higher to individual customers over the past 12 months. The issuance of such high value insurance policies serves as a compelling evidence of the growing demand among UHNW individuals for life insurance solutions as a tool for wealth transfer and legacy planning.”
“ HSBC Life Hong Kong Broke Guinness World Records of Most Valuable Life Insurance Policy Sold with a $250 Million Policy for an UHNW Individual, Contract is HSBC Life Paramount Global Life Insurance Plan, HBSC Life Issued 10 Other Policies with More than $50 Million Value Over Last 12 Months “
Edward Moncreiffe, CEO, HSBC Life Hong Kong & Macau: “Asia is home to one of the fastest growing UHNW populations in the world, and as such we are seeing a substantial increase in demand for insurance solutions to address business succession, estate management and legacy planning needs. The issuance of these high value life insurance policies proves that Hong Kong has reaffirmed its position as both a preferred destination for wealth management and a leading international insurance hub. The Hong Kong life insurance market has a number of characteristics that puts us in a strong position to capture this growth in regional UHNW wealth transfer demand. The market has deep talent pools across intermediaries, underwriters and actuaries, strong competition amongst international banks, brokers and insurers, well capitalised insurance companies with strong credit ratings and a sound regulatory regime. As the market-leading insurer in Hong Kong, HSBC Life is well-positioned to capture its fair share of this demand and we will continue to invest in our people, products and services in this segment accordingly.”
HSBC Life Hong Kong Broke Guinness World Records of Most Valuable Life Insurance Policy Sold with a $250 Million Policy for an UHNW Individual, Contract is HSBC Life Paramount Global Life Insurance Plan, HBSC Life Issued 10 Other Policies with More than $50 Million Value Over Last 12 Months
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,039bn at 31 December 2023, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Life (International) Limited
HSBC Life (International) Limited, incorporated in Bermuda with limited liability (“HSBC Life”) is an indirect wholly-owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited. HSBC Life is authorised and regulated by the Insurance Authority of the Hong Kong SAR to carry on long-term insurance business in the Hong Kong SAR. As one of the leading life insurers in Hong Kong, HSBC Life offers a wide range of life insurance products, including annuities, to retail and commercial customers in Hong Kong through HSBC banking channels and third party brokers. HSBC Life provides tailored solutions to meet the protection, education, retirement, managing growth, legacy planning and medical needs of its customers.
HSBC Appoints Harpreet Bindra as HSBC Life Singapore CEO Succeeding Ho Lee Yen, HSBC Life Singapore is Combined Business of HSBC Insurance & Acquisition of AXA Singapore in 2022 February
1st September 2023 – HSBC has appointed Harpreet Bindra as HSBC Life Singapore CEO succeeding Ho Lee Yen, with Harpreet Bindra becoming the new CEO of HSBC Life Singapore (the combined business of HSBC Insurance & HSBC acquisition of AXA Singapore in 2022 February). Harpreet Bindra had joined HSBC in 2018, and was most recently Global Head of Strategy & Business Development for HSBC Global Insurance & Partnerships. Harpreet Bindra has held numerous senior leadership roles in insurance, banking and asset management, including at Prudential, Daiwa Securities & ING Group in Singapore, Hong Kong, India and the Netherlands. HSBC: “Harpreet will lead HSBC Life Singapore and drive the execution of our strategy in this dynamic insurance and wealth market. He brings more than two decades of leadership experience in the insurance and financial services industry and was most recently Global Head of Strategy and Business Development for HSBC Global Insurance and Partnerships, based in Hong Kong. Reporting to Greg Hingston, CEO, HSBC Global Insurance and Partnerships and to Ashmita Acharya, Head of Wealth and Personal Banking (WPB), Singapore, Harpreet will continue to be part of the HSBC Life Global Executive Committee and will join the HSBC WPB Singapore Executive Committee. Harpreet will succeed Ho Lee Yen, who has decided to spend more time with her family, having successfully completed the integration of the businesses of AXA Singapore and HSBC Insurance, laying a solid foundation for the next phase of growth for HSBC Life Singapore.” More info below.
Greg Hingston, CEO, HSBC Global Insurance and Partnerships: “Harpreet’s appointment as the CEO of HSBC Life Singapore comes at a pivotal time when we are investing and growing our insurance and wealth businesses. Singapore is a strategically important market for HSBC and we are expanding propositions, channels and platforms to meet the health, protection and wealth management goals of our individual and corporate customers. I am confident that under Harpreet’s leadership, HSBC Life Singapore will realise its potential with best-in-class propositions for our customers across their wealth journey. We thank Lee Yen for her contributions, particularly for facilitating a smooth transition as we combined the two businesses, to position HSBC Life Singapore well for future success.”
Ashmita Acharya, Head of Wealth & Personal Banking, HSBC Singapore: “The success of HSBC Life Singapore is key to achieving HSBC’s ambition of becoming a leading wealth manager in Asia and capturing the full breadth of opportunities for HSBC in Singapore. Harpreet’s extensive insurance experience in Asia and proven leadership qualities, matched with the combined strengths of the HSBC Group and HSBC Life, will allow us to successfully execute our insurance and wealth strategy in this increasingly important international financial centre.”
Harpreet Bindra, HSBC Life Singapore CEO
Harpreet Bindra joined HSBC in 2018 to drive the strategic growth agenda for HSBC’s insurance manufacturing operations in 10 markets across Asia, Europe and Latin America, as well as develop strategic partnerships with global insurers across 30 markets. He has successfully led several strategic growth initiatives for the Group, including the acquisition of AXA Singapore.
Prior to HSBC, Harpreet held a number of leadership roles across Insurance, Banking and Asset Management, in companies including Prudential Financial Inc., Daiwa Securities and ING Group in Singapore, Hong Kong, India and the Netherlands. Harpreet has a degree in Business Economics and holds an MBA in Finance and Strategy.
Harpreet will lead HSBC Life Singapore and drive the execution of our strategy in this dynamic insurance and wealth market. He brings more than two decades of leadership experience in the insurance and financial services industry and was most recently Global Head of Strategy and Business Development for HSBC Global Insurance and Partnerships, based in Hong Kong. Reporting to Greg Hingston, CEO, HSBC Global Insurance and Partnerships and to Ashmita Acharya, Head of Wealth and Personal Banking (WPB), Singapore, Harpreet will continue to be part of the HSBC Life Global Executive Committee and will join the HSBC WPB Singapore Executive Committee.
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