HSBC Life
HSBC Life is the insurance business brand under HSBC Holdings, launched in 2018 as a new brand jointly adopted by all insurance entities under the HSBC Group.
At present, the core entity of HSBC Life is HSBC Insurance Holdings Limited, which serves as the regional headquarters for the Group insurance business in Asia. It is a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and is ultimately controlled by the parent company, HSBC Group.
HSBC Insurance is headquartered at HSBC Centre in Tai Kok Tsui. Its principal operating subsidiaries include: HSBC Life, incorporated in Bermuda but operating in Hong Kong; HSBC Life, incorporated in Singapore; and HSBC Life Insurance, incorporated in Shanghai, China.
Since 2022, HSBC Life has consistently ranked first in Hong Kong in terms of market share for new direct individual life business, holding 21.53% of the market in the first quarter of 2025.
History
The history of the HSBC Group involvement in the insurance business dates back to the 19th century, when it collaborated with Straits Insurance and Singapore Insurance in Singapore, maintaining an active presence in the Far East maritime trade market. However, HSBC formal entry into the insurance market as a group occurred in the 1970s. On 8 September 1976, HSBC and the Swire Group formed a joint venture, Wardley Swire Assurance, specializing in life insurance.However, Wardley Swire Assurance was not HSBC initial entry into Hong Kong insurance market. The pivotal turning point for HSBC substantive involvement in the Hong Kong insurance market can be traced back to 12 April 1965, when it acquired a 51% stake in Hang Seng Bank. Notably, just three months prior to this acquisition, on 15 January 1965, Hang Seng Bank, together with three other major Chinese-owned banks in Hong Kong, jointly established Associated Bankers Insurance — the predecessor of Hang Seng Insurance — becoming the first general insurance company in Hong Kong specializing in bancassurance. Through its stake in Hang Seng Bank, HSBC indirectly entered Hong Kong insurance market for the first time.
HSBC's establishment of a "comprehensive insurance business" in Hong Kong can be traced back to the formation of Carlingford Insurance on February 25, 1977. Carlingford's predecessors were Malayan & China Assurance and Wardley Insurance—the name "Wardley" itself being traceable to HSBC’s origins at Wardley House in Hong Kong, as well as the investment banking subsidiary "Wardley" established in 1972.
Beginning
In 1970, through its subsidiary Hongkong Finance, HSBC entered into a partnership with Australia leading insurer, National Mutual Life Association. National Mutual acquired a 25% stake in HSBC Sydney-based associate, Mercantile Credits, reducing HSBC shareholding to 30%.In 1971, HSBC entered the insurance market in New Zealand for the first time by acquiring a 29% stake in New Zealand Insurance and New Zealand Insurance Mortgage and Deposit, marking the Group first insurance investment in the country. In the same year, Mercantile Credits reported increased profits and paid dividends, while HSBC wholly owned subsidiary in Hong Kong, Hongkong Finance, also delivered satisfactory results.
In 1974, HSBC decided to incorporate insurance into its range of financial services, with the objective of providing insurance across the regions in which it operated globally. Prior to this, HSBC insurance interests primarily came from its associate, the associated companies of Hang Seng Bank ── Associated Bankers Insurance, and from Antony Gibbs & Sons in London, which operated as both an insurance broker and Lloyd underwriting agency.
In 1975, HSBC first directly controlled insurance joint venture ── Wardley Gibbs ── commenced operations in Hong Kong. HSBC held 67% of the company, with Antony Gibbs & Sons holding the remaining 33%. The company primarily acted as an insurance consultant and broker.
In 1976, HSBC and the Swire Group reached an agreement to jointly establish Wardley Swire Assurance, specializing in life insurance, through HSBC purchase of a 50% stake in Swire Life Assurance, which had been incorporated on 12 February 1974 by Swire. In the same year, HSBC subsidiary in Cyprus ── Labancor ── was appointed the exclusive local agent for Cornhill Insurance.
In 1977, HSBC acquired a 20% stake in the Malayan Group of Insurance Companies, headquartered in the Philippines. As part of the partnership, both parties established Wardley Insurance in Hong Kong, with HSBC holding 70%. The company commenced operations in January 1978, providing general insurance, reinsurance, and retirement benefits, while developing a business network in Hong Kong and international markets.
In 1979, Wardley Insurance achieved an underwriting profit of HK$448,707 in its second year of operations, reversing a loss of HK$1,117,027 in 1978. In the same year, Wardley Gibbs reported a 33% increase in expenses and brokerage income, while Wardley Swire managed assets grew from HK$397 million to approximately HK$545 million, representing a 37% increase. In addition, HSBC initiated the establishment of the EastPoint Reinsurance Company of Hong Kong and Al Sagr Insurance Company of Saudi Arabia.
1980s
In 1981, in order to provide a clearer distinction between the Group different financial businesses, HSBC decided to rebrand its principal insurance companies from Wardley to Carlingford. During the year, Wardley Insurance underwriting profit rose sharply to HK$2.8 million, enabling its first dividend payment; Wardley Swire Assurance managed assets exceeding HK$1 billion. In the same year, HSBC also established Al Sagr Insurance Company UAE.On 30 March 1981, HSBC insurance subsidiaries were officially renamed:
- Wardley Insurance became Carlingford Insurance.
- Wardley Swire Assurance became Carlingford Swire Assurance.
- Wardley Gibbs Insurance Consultants became Gibbs Insurance Consultants.
In 1982, despite a global industry downturn, Carlingford Insurance underwriting profit grew to HK$6.5 million, and Carlingford Swire Assurance managed funds exceeded HK$1.8 billion. The latter also began offering savings-related schemes to individuals via its Bermuda subsidiary. HSBC insurance network now spanned the UK, Australia, Singapore, the Middle East, and Papua New Guinea, with new entities such as Carlingford Australia Insurance and Carlingford Insurance Brokers Singapore.
In 1983, Carlingford Insurance reported a pre-tax profit of HK$6.1 million. HSBC increased its stake in Carlingford Swire Assurance from 50% to 74.5%, with the company funds under management rising to HK$3.437 billion. In the UK, Gibbs Insurance Holdings acquired Hartley Cooper Holdings and merged its Lloyd Survey Agency business, which began operating as Gibbs Hartley Cooper from 1 January 1984. In Australia, Carlingford Australia announced its intention to acquire all the shares of Preservatrice Skandia Insurance, with the aim of achieving profitability soon after the merger.
In 1984, HSBC continued expanding its insurance operations, covering general insurance, life insurance, reinsurance, retirement benefits, consultancy, and brokerage services, across multiple countries. In Hong Kong, Carlingford Insurance, Citadel Insurance, and Gibbs Insurance Consultants continued to develop their businesses in a competitive market, while Carlingford Swire Assurance achieved steady progress in employee benefits and personal insurance. Overseas operations were also expanded, particularly in the UK, Australia, Singapore, and the Middle East, including through acquisitions and mergers aimed at enhancing scale and synergies in international insurance.
HSBC also advanced its international insurance cooperation. Carlingford Swire Assurance reached a special arrangement with the UK SunLife to help returning UK policyholders maintain investment and tax efficiency, as new legislation under consideration in the UK Parliament threatened to adversely affect the tax position of offshore life policies upon return. Carlingford Swire Assurance was highly active in offshore life insurance, and for policyholders of its International Capital Plan, a bespoke solution was developed. After extensive negotiations, SunLife agreed to establish the SunLife Wardley Fund for Carlingford Swire Assurance policyholders. The fund was managed by SunLife, with investments overseen by HSBC Wardley Investment Services. Meanwhile, in Singapore, HSBC increased its stake in Gibbs Hartley Cooper Insurance Brokers and merged it with local brokerage operations, forming a more professional and independent insurance consultancy and brokerage platform. These measures reflected the Group long-term strategy of expanding insurance through strategic partnerships and investments in Asia and internationally.
In 1985, Carlingford Insurance and Gibbs Hartley Cooper Insurance Brokers continued business expansion, with contributions from associates such as the Citadel Group. The disposal of HSBC stake in EastPoint Reinsurance further rebalanced its portfolio. In Australia, the Carlingford Australia Insurance Group completed its first full year of operations under a challenging market environment. In the Middle East, brokerage activities expanded in the UAE and Oman, though local underwriting subsidiaries underperformed. In Singapore, Carlingford Insurance Brokers was reactivated, with integration and relocation costs leading to short-term losses, while international reinsurer RMCA recorded profit growth. In the UK, the disposal of Anton Underwriting Agencies was completed in line with the Lloyd Act 1982, Gibbs Hartley Cooper trading performance improved though it still recorded losses, while Hartley Cooper and Warner generated significant profits. In the same year, Carlingford Insurance also opened a branch in Macau.
In 1986, HSBC insurance operations in Hong Kong and the UK continued to expand, while Carlingford Australia Insurance Group decided to sell its Australian subsidiary due to operational difficulties. In Singapore, Carlingford Insurance Brokers expanded brokerage income. In the Middle East, Gibbs Gulf Insurance Consultants and RMCA Reinsurance expanded their businesses, while Al Sagr Insurance ceased underwriting due to regulatory and operational challenges.
In 1987, Carlingford Insurance entered the medical insurance sector by acquiring the Private Patients Plan. Brokerage operations in Singapore continued to build both corporate and retail insurance business. Gibbs Gulf Insurance Consultants became a wholly owned subsidiary in the UAE, while Gibbs Hartley Cooper in the UK focused on developing profitable specialty insurance.
In 1988, HSBC further consolidated its insurance operations, renaming the medical insurance company acquired in 1987 as Carlingford Medical Insurance. Gibbs Insurance Consultants expanded into China, while markets in Singapore, the UAE, and the UK remained stable. In Asia, bank-led insurance distribution began to take shape.
In 1989, Carlingford Insurance and its subsidiary Carlingford Medical Insurance continued to expand in Hong Kong. Gibbs Insurance Consultants maintained stable operations in China, while the Citadel Group remained active in specialist underwriting. Gibbs Hartley Cooper in the UK developed its international wholesale and retail operations. Businesses in Singapore and the UAE were further consolidated.