HSBC Life’s new Macau outlet taps under served Greater Bay Area market as the gaming hub diversifies its economy
- Annual life insurance business in Macau rose by 8 per cent to 35.66 billion patacas (US$4.45 billion) last year after jumping by 26 per cent in 2021
- HSBC Life joins peers such as Prudential, AIA, FWD and Manulife who are all expanding their Macau business
HSBC Life, the insurance arm of HSBC, stepped up its bid to grow market share in the underserved Greater Bay Area with the opening of its first customer centre in Macau as the former Portuguese colony diversifies its revenues away from gaming.
The insurer’s debut in China’s special administrative region follows similar launches by rivals Prudential Hong Kong, AIA, AXA, FWD, and Manulife.
The Greater Bay Area is considered a powerhouse of China’s economic prowess and comprises the two special administrative regions of Hong Kong and Macau, and nine cities in Guangdong province. It is home to 86 million people and has a combined gross domestic product of US$2 trillion, similar to Italy’s economy. It would be the 9th biggest economy among national economies, according to Hong Kong Financial Secretay Paul Chan Mo-po.
The HSBC Life Insurance Planning Centre, over 3,000 sq ft, is situated right next to the StarWorld Hotel Macau giving it access to potential customers.
“HSBC Life wanted to build a physical centre to demonstrate that we are investing in the real economy of Macau. We are hiring people and creating jobs,” said Edward Moncreiffe, the insurer’s Hong Kong and Macau CEO, in an interview with the Post.
