HSBC has appointed Greg Hingston as global CEO of HSBC Life and Insurance Partnerships, as of January 1 2022, with responsibility for leading and growing its insurance business, which globally, contributed around a third of overall wealth and personal banking (WPB) profits and around 12% of group profits in the first half of 2021.
Hingston, who will succeed Bryce Johns, will continue in his current role as regional head WPB, Asia-Pacific, on an interim basis. Hingston has been with HSBC Group for 15 years where he was previously head of WPB Hong Kong; regional head of retail banking, EMEA; head of customer value management and head of international for retail banking and wealth management (RBWM) in Europe; and global head of strategy for RBWM. Earlier in his career, he spent five years at Prudential Corporation Asia, where he led business development, strategic planning, and mergers and acquisitions.
In the last two years, the group has accelerated investments in HSBC Life. In Hong Kong, HSBC Life regained market leadership as a bancassurer and led product and digital innovation with the launch of new digital health platforms, Olive1, Well+2 and Benefits+3.
In mainland China, HSBC established Pinnacle, a new digitally-enabled mobile financial planning business that leverages the group’s manufacturing capabilities in HSBC Life China. In the UK, HSBC Life is Top 3 in onshore bonds and Top 10 in external protection and critical illness. Recent investments in product platforms and systems in Mexico will help capture increased demand for protection, savings and retirement needs. In August 2021, HSBC Life announced the acquisition of AXA Singapore, the first acquisition for the group in 10 years.
“Under Hingston’s leadership of WPB in Asia, we have achieved record financial performance in key areas, gained market share and, most importantly, enhanced the range of wealth, international and digital services to our customers in the region,” says Nuno Matos, chief executive, WPB. “This provides a solid foundation to continue to transform and grow our insurance franchise as we aim to scale up our wealth capabilities globally, particularly in the Greater Bay Area, mainland China, Asean and India.”
