HSBC has appointed Ed Moncreiffe as chief executive of its global insurance division with immediate effect.
Moncreiffe, who until his appointment was head of HSBC Life Hong Kong, replaces Greg Hingston. HSBC said Hingston will pursue opportunities outside of the bank.
Moncreiffe has been with the HSBC Group for 18 years. He has held several leadership roles including head of life and pensions Brazil, global head of retail insurance, and global head of insurance for strategic partnerships.
Under his leadership, HSBC Life has become the undisputed 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, HSBC Life Hong Kong, will become interim CEO until Moncreiffe’s replacement is announced.
Wealth and Personal Banking (WPB) chief executive officer Nuno Matos said: “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.
“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.
“We will build on our recent investments in HSBC Life to capture new opportunities in Hong Kong and supercharge growth in mainland China, Singapore and India, while continuing to deepen penetration in the UK 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.
“Around the world, demand for private health and life protection, employee benefits, international education, retirement income and legacy planning is rising, yet these needs remain underserved.
“Globally, HSBC Life aims to better integrate insurance into the group’s broader offerings to provide best-in-class holistic wealth solutions across the full spectrum of our customers.”
HSBC Life is the brand of the insurance business of the HSBC Group and offers a range of products and services to meet the wealth, health, protection, education, retirement and legacy planning needs of its customers.
The group manufacture life-insurance products in Hong Kong, Macau, mainland China, Singapore, India, France, UK, Malta, Bermuda, Mexico and Argentina, and distribute life and general insurance products in 27 markets.
