- Renewed partnership, now extended into 2036
- Since 2012: strong and resilient bancassurance business across the region
Singapore, June 29, 2022
Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation Limited (HSBC) announced a 15-year extension of the exclusive bancassurance distribution agreement, covering key markets in Asia1.
Since 2012, the strategic partnership between Allianz and HSBC in Asia Pacific has formed a strong and resilient bancassurance business across the region. A proven track record in delivering growth and deeply rooted relationships at both regional and local levels will serve as the foundations of the renewed partnership, now extended into 2036.
HSBC will continue to distribute Allianz insurance products in the areas of protection, education, retirement, wealth, and legacy needs in the region.
Anusha Thavarajah, Regional CEO, Allianz Asia Pacific, said: “At Allianz, we are honoured to extend and further strengthen our partnership with HSBC. In the past decade, we have grown a successful global bancassurance partnership that has achieved exponential growth in volume and value. Extending the partnership for an additional 15 years re-affirms the success of our partnership and commitment of HSBC and Allianz, global leaders in Banking and Insurance respectively to deliver sustainable growth in Asia. We believe that this partnership will benefit customers with familiarity, stability, and continuity, focusing on wealth management, protection, and health. Together we will continue to invest and innovate in technology and product to deliver the best in service and solutions through one of the regions’ most powerful banking platforms.”
Sergio Balbinot, Board Member of Allianz SE, said: “As the insurance landscape continues to evolve, Allianz and HSBC have pledged to invest substantially into a new bancassurance model which remains a significant distribution channel of insurance solutions to HSBC customers in Asia Pacific, where broad distribution of solutions is essential to help close the protection gap, and protect the health, wealth, and assets of the region’s rising middle-class. The renewed distribution agreement demonstrates Allianz and HSBC’s joint commitment to provide best-in-class insurance products and to deliver a digitally-enabled insurance experience that creates value and convenience for customers across the major growth markets in Asia.”
1 Subject to necessary approvals, exclusive for Life in Indonesia, Malaysia, Philippines, Sri Lanka, Taiwan, and Non-life in Malaysia and Sri Lanka. Mainland China will be on a Preferred Partnership basis.
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