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Asset Management / Wealth Management / On The Move
HSBC seeks stronger insurance boost to wealth business
Ed Moncreiffe appointed chief executive officer of global insurance
The Asset 5 Apr 2024
Ed Moncreiffe
Ed Moncreiffe

HSBC has appointed Ed Moncreiffe as chief executive officer of global insurance, effective immediately. He succeeds Greg Hingston, who will pursue opportunities outside of the firm.

“Insurance, one of our fastest-growing businesses, is integral to our strategy to become a leading global wealth manager by delivering distinct propositions that meet the wealth, health and protection needs of our customers,” says Nuno Matos, CEO, wealth and personal banking. “I am delighted to appoint Ed to lead this business globally and have every confidence that he can steer us to the next chapter of growth.”

The firm’s recent investment in HSBC Life seeks to capture new opportunities in Hong Kong and accelerate growth in mainland China, Singapore and India, while continuing to deepen penetration in the United Kingdom and Mexico.

“We have an exceptional opportunity to not only increase the contribution of Insurance to our overall wealth business, but more importantly, to fortify the resilience of our customers,” Matos adds.

Moncreiffe has been with the HSBC Group for 18 years, during which time he has held a number of leadership roles, including head of life and pensions in Brazil, global head of retail insurance, and global head of insurance strategic partnerships.

Under his leadership, HSBC Life has become the Hong Kong market leader by new premiums with a 19% market share in 2023, and one of the fast-growing health businesses in the region.  

Daisy Tsang, chief distribution and customer officer at HSBC Life Hong Kong, will become interim CEO of HSBC Life Hong Kong, until a permanent replacement is announced.

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