It was announced on Tuesday that the insurance joint venture between HSBC Insurance (Asia-Pacific) Holdings Limited (HSBC Insurance) and Hana Financial Group has been renamed Hana HSBC Life Insurance, and now carries a new corporate logo.
To support plans to expand its business, the two shareholders revealed that they intend to provide Hana HSBC Life Insurance with an additional KRW20bn injection of capital.
Clive Bannister, Group Managing Director of Insurance, HSBC Holdings plc, revealed that:
"The joint venture will allow HSBC to extend its growing insurance business to Korea, an economy whose insurance market is the second largest in Asia and the seventh largest globally."
"Hana HSBC Life Insurance is a joint venture between business partners where each brings expertise and resources to the table to complement the other. Hana brings local market understanding, a well-known and respected brand and the third largest branch network in Korea through its bank."
"Coupled with expertise from HSBC Insurance and HSBC's own branch network, this is a coming together of two large financial groups to make a new force in the Korean insurance market-place."
In-sup Yoon, CEO of Hana HSBC Life Insurance, added:
"The joint venture company, benefiting from the expertise and strength of both Hana Financial Group and HSBC Insurance, aims to become one of the top 10 insurers in the local insurance industry. As the first step, the shareholders intend to increase the company's capital by KRW20bn to KRW50bn by the end of March 2008 to support business expansion plans."
Hana HSBC Life Insurance is realigning its distribution network, and will look at expanding its bancassurance arrangements, as well as strengthening its agency and telemarketing channels.
Hana HSBC Life Insurance has already signed bancassurance partnerships with Hana Bank, HSBC in Korea, Hana Daetoo Securities, Mirae Asset Securities and Prudential Securities, and will continue to look for additional bancassurance partners.
HSBC Insurance acquired 50% less one share of Hana Life Insurance (renamed Hana HSBC Life Insurance) in November 2007. The remaining interest in Hana HSBC Life Insurance is held by Hana Financial Group.
Hana HSBC Life Insurance had KRW882.5bn in assets, KRW231.1bn in gross written premiums and 126,000 policyholders at the end of December 2007.
HSBC Insurance is the 13th largest insurer in the world, serving 30 million customers globally through underwriting, agencies and insurance brokers.
It has achieved USD9.1bn (about KRW8,640bn) in net earned premiums and USD3.1bn (about KRW2,943bn) in pre-tax profit in 2007, of which Asia accounted for 39%.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment