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 Asia[1] including Malaysia.
Since 2012, the strategic partnership between Allianz and HSBC in Asia Pacific has formed a strong and resilient bancassurance business across the region that will now extend into 2036. HSBC will continue to distribute Allianz insurance products in the areas of protection, education, retirement, wealth and legacy needs in the region.
Allianz Life Insurance Malaysia Berhad (Allianz Life) has been HSBC’s exclusive bancassurance partner since 2012, while Allianz General Insurance Company (Malaysia) Berhad (Allianz General) has been working with HSBC on a non-exclusive basis since 2018. With the extension, Allianz Life and Allianz General, both subsidiaries of the investment holding company Allianz Malaysia Berhad (Allianz Malaysia) will become the exclusive bancassurance partners for HSBC in both life and non-life insurance in Malaysia.
Allianz Malaysia Chief Executive Officer, Sean Wang, said: “Allianz Malaysia has enjoyed a fruitful and committed partnership with HSBC that has borne measurable results. Allianz Life’s new business growth has consistently outperformed the bancassurance industry and the Company’s market share has tripled over the last nine years. For Allianz General, the expansion of the partnership will allow us to activate more distribution channels with HSBC. Overall, through this, we can offer a suite of bancassurance solutions with our well-tailored life and general insurance products and services for HSBC customers.”
Anusha Thavarajah, Regional Chief Executive Officer of 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.”
[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.
