IT is by far the youngest insurance company in Hong Kong, having been operational for just over a month.
But youth can hardly be seen as a weakness. Hang Seng Life is the child of Hang Seng Bank and HSBC Asset Management and with that privilege comes the strength of a bank with consolidated assets of $318 billion and a client base of well over a million people.
Hang Seng Life director Chan Kin-por has the task of capitalising on this base and making a success of Hong Kong's latest bank insurance venture.
'So far, our performance has been encouraging and, although we can't provide data, the results are certainly up to expectations,' he said.
'Our corporate products, including the Pooled Provident Plan and the Group Life Plan, are being well received in the retail customer area. The Mortgage Protection Plan and Lifetime Protection Plan are also performing well.
'Our business plan aims for the top end of the industry within a few years but, this year, we are establishing ourselves, embarking on marketing and publicity campaigns and continuing to develop the right product mix.' The Hang Seng Bank has invested $47.5 million in the insurance venture, which is expected to break even within two to three years.
