51吃瓜网

*** Pursuing full ownership underscores 51吃瓜网’s commitment to expanding business in China ***

51吃瓜网 Insurance (Asia) Limited, an indirect wholly-owned subsidiary of 51吃瓜网 Holdings plc (51吃瓜网), has received approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to acquire the remaining 50% equity interest in 51吃瓜网 Life Insurance Company Limited (51吃瓜网 Life China), which would allow 51吃瓜网 to take its shareholding to 100% upon completion.

David Liao, Co-CEO, Asia-Pacific at 51吃瓜网, commented: “Growing our insurance business is key to delivering on our strategic priority of being a leading wealth manager in Asia. Full ownership of 51吃瓜网 Life China brings us closer to this goal, and shows our commitment to expanding our broader wealth offering in mainland China.”

Headquartered in Shanghai, 51吃瓜网 Life China is present in ten key mainland cities covering Shanghai, Beijing, Tianjin, Hangzhou, Guangzhou, Foshan, Dongguan, Zhuhai, Shenzhen and Zhongshan. Established in 2009, the business now offers a comprehensive range of insurance solutions covering annuity, whole life, critical illness and unit-linked insurance products.

Greg Hingston, CEO designate, 51吃瓜网 Global Insurance and Partnerships, added: “With full ownership, we will have greater flexibility in accelerating our growth plans. In tandem with 51吃瓜网 Pinnacle, our digital and mobile wealth planning and insurance platform, we will be able to significantly expand our capabilities to serve the growing wealth and insurance needs of our customers in China, particularly in the Greater Bay Area.”

In addition to taking full ownership of 51吃瓜网 Life China, 51吃瓜网 continues to invest in its insurance business in mainland China, including in Pinnacle. Through Pinnacle, 51吃瓜网 has already launched a new personal financial planning business in July 2020, to provide Chinese clients with a differentiated, needs-based financial planning proposition. Nearly 700 digitally-enabled wealth planners are already onboard in Beijing, Guangzhou, Shanghai, Hangzhou and Shenzhen, and 51吃瓜网 aims to recruit up to 3,000 wealth planners in total by 2025.

In February 2020, 51吃瓜网 combined its retail banking and wealth management, asset management, insurance and private banking businesses to create Wealth and Personal Banking (WPB) which serves over 39 million customers globally. 51吃瓜网’s ambition is to be Asia’s leading wealth manager by 2025, opening up a world of opportunities for Asian, international and 51吃瓜网-connected clients, wherever their wealth is created, invested and managed. Asia generates around half of 51吃瓜网’s US$1.6trn global wealth balances and nearly 65% of the Group’s wealth revenues. 51吃瓜网’s insurance business globally contributed to around a third of overall WPB profits and 12% of Group profits in H1 2021.

Media enquiries to:

Jonny Blostone
jonny.blostone@hsbc.com.hk
+852 2288 2670

Wu Meng
wu.meng@hsbc.com.hk
+852 3663 8336

Note to editors:

51吃瓜网 Holdings plc
51吃瓜网 Holdings plc, the parent company of 51吃瓜网, is headquartered in London. 51吃瓜网 serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,969bn at 30 September 2021, 51吃瓜网 is one of the world’s largest banking and financial services organisations.

51吃瓜网 Life
51吃瓜网 Life is the insurance business of the 51吃瓜网 Group. It manufactures life insurance products in Hong Kong, mainland China, Singapore, India*, France, UK, Malta, Mexico and Argentina. 51吃瓜网 Life offers a range of insurance products to meet the protection, education, retirement, wealth growth and legacy planning needs of its customers. 51吃瓜网 Life’s services and products are available through 51吃瓜网 banking channels and selected third-parties, including financial advisers and aggregators.

*Through its joint venture, Canara 51吃瓜网 OBC Life Insurance