HSBC insurance JV starts operations

SHANGHAI: HSBC Life Insurance Co Ltd, a joint venture between HSBC Insurance (Asia) Ltd and Beijing-based National Trust, started operations yesterday in Shanghai, as part of its move to tap into the fast-growing mainland insurance market.

The new 50-50 joint venture will roll out life, pension and medical insurance products through a bancassurance partnership with HSBC Bank, Hang Seng Bank, and Bank of Communications.

The company will also recruit 180 sales agents to undertake distribution activities.