31 May 2006

The Web
Business Today

HSBC Life approaching Lm1 billion after 10 years

During the month of May, HSBC Life Assurance (Malta) Ltd has been celebrating the 10th Anniversary of its official launch date of the 26th May 1996. HSBC Life, as it is commonly known, has achieved excellent growth over the period and is now providing insurance for over 60,000 lives with sums insured approaching Lm1 Billion.
Over the 10 year period HSBC Life has taken an active role in the growth of the life assurance sector and now offers a wide selection of protection, unit-linked and with-profits products.
The company is placing a large emphasis on protection products, sales of which have grown significantly over the last few years.
“We firmly believe that life assurance is no longer a luxury product but an everyday necessity which can provide financial security to families should the worst happen. Through HSBC Bank’s excellent financial planning process we aim to assess the needs of customers and offer insurance solutions that fit these needs,” said Richard Reid, Managing Director, HSBC Life.
At present HSBC Life is also focusing on new challenges in particular the development of a private pension proposition, to be launched once the relative legislation has been enacted. As aptly put by Mr Shaun Wallis, HSBC Bank Malta’s Chief Executive, “more Maltese today understand and appreciate the benefits and the importance of protecting their loved ones in case something happens, while at the same time saving for various reasons. As with all our other products, we are determined that, when it comes to pensions, HSBC will be able to offer the choices and solutions customers want and need.”

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