AXA Group has launched a unified platform targeting Asia’s wealth families, offering specialised lifestyle coverage which includes kidnap and ransom protection. The unified platform, called AXA Global Private (AGP), will serve as a centralised gateway offering multi-jurisdictional wealth planning and lifestyle protection for affluent clients with complex financial needs, the Paris-headquartered insurer announced on Monday.  “For the first time in […]

The post AXA rolls out kidnap, ransom protection in new offering for Asia’s wealthy appeared first on Asian Private Banker.

Life insurance, traditionally viewed as a simple cash payout upon death, is being repositioned among Asian ultra high net worth (UHNW) individuals as the “ultimate hedge” against portfolio volatility and global estate tax regimes. Rising demand is powering rapid growth for life insurers like Sun Life, despite a fiercely competitive landscape in hubs like Singapore. “As the high net worth […]

The post Singapore life insurers see UHNWs turn to “ultimate hedge” appeared first on Asian Private Banker.

Sun Life has appointed a chief bancassurance officer for Asia from DBS. Effective 3 November 2025, Anshuman Das has been appointed as chief bancassurance officer, Asia, responsible for leading Sun Life’s bancassurance strategy in the region, according to a company release on Wednesday. Das will be based in Singapore and report to David Broom, chief client & distribution officer Asia. He […]

The post DBS bancassurance exec joins Sun Life appeared first on Asian Private Banker.

Lioner International Group (Lioner) has appointed a general manager with a background in brokerage, bancassurance, and fiduciary-linked services to lead its Hong Kong business. Gary Mak has joined the firm, which specialises in insurance, trust and family offices, as its general manager for Hong Kong, the firm said in a statement on Monday. In his new role, Mak will oversee […]

The post Lioner appoints bancassurance veteran to lead Hong Kong business appeared first on Asian Private Banker.

Sun Life Financial has hired a senior industry veteran from Citi Wealth to lead its high net worth (HNW) business as wealthy clients in Asia increasingly turn to insurance products for their legacy planning and wealth accumulation needs. Based in Singapore, Sujoy Ghosh will join Sun Life as chief executive officer, high net worth, effective 4 November 2025. He will […]

The post Sun Life taps Citi Wealth veteran to lead HNW business appeared first on Asian Private Banker.

Manulife Investment Management Hong Kong has appointed an internal candidate to the role of Hong Kong CEO. Effective 12 August, Calvin Chiu has been appointed as Manulife Investment Management (Hong Kong) CEO, the firm said in a statement on Monday. Chiu will continue to serve in his previous role of head of retirement, Asia. The appointment is a strategic move […]

The post Manulife IM appoints Hong Kong CEO appeared first on Asian Private Banker.

Chubb Life Hong Kong has launched its first wealth centre, targeting affluent and high net worth customers. The new wealth centre, Chubb 1792 Club, is located at The Gateway in Tsim Sha Tsui, a busy business and tourism district in Kowloon, Hong Kong. Opened on Monday, it features a nearly 10,000-square-foot lounge for wealth management services. According to a company […]

The post Hong Kong insurer taps Kowloon buzz with new wealth hub appeared first on Asian Private Banker.

Manulife has opened a new office in the Dubai International Financial Centre (DIFC) dedicated to its global high net worth (HNW) business. The new DIFC office will act as a hub to deliver Manulife’s insurance solutions to HNW and ultra high net worth (UHNW) clients in the region, the firm said in a news release on Tuesday. With this new […]

The post Manulife expands global HNW business to the Middle East appeared first on Asian Private Banker.

Transamerica Life Bermuda (TLB), an Asia-focused life insurer catering to HNW clients, has named a new CEO. Subject to regulatory approval, Kristine Ung will join the firm as CEO on 1 May 2025, according to a recent company announcement. Hong Kong-based Ung has over two decades of experience in the industry. She has held senior roles at AIG, AIA and […]

The post Asia-focused HNW insurer names new CEO; expands into Middle East appeared first on Asian Private Banker.

Insurance broker Charles Monat Associates (CMA), which has traditionally focused on clients in Asia, is eyeing further expansion in Dubai as Asian high net worth (HNW) individuals move their wealth to the Middle East. With insurance growing into a key revenue driver for private banks and wealth managers in Asia, Yves Guélat, group CEO of CMA, shared insights into the […]

The post “Dubai now key growth area”: Asia HNW insurance broker eyes Middle East rush appeared first on Asian Private Banker.

The asset management arm of India’s largest wealth manager has made a fresh investment in a conglomerate-owned insurer. 360 ONE Asset, through funds that it manages, will acquire a 15% stake in Bharti AXA Life Insurance to strengthen the company’s growth trajectory, unlock new avenues for innovation and enhance market share, according to a company statement on Tuesday. The firms […]

The post India’s 360 ONE Asset acquires stake in insurance business from major conglomerate appeared first on Asian Private Banker.

Insurance firm FWD Hong Kong is expanding its reach into the high net worth (HNW) segment with a bancassurance partnership with Bank SinoPac. Under the recently signed bancassurance agreement, FWD Hong Kong will provide SinoPac’s customers, including HNW individuals, with diverse insurance solutions and services for asset allocation and legacy planning, the firm said in a statement on Friday. “SinoPac […]

The post FWD expands HNW market reach with bancassurance partnership appeared first on Asian Private Banker.

Insurance broker Charles Monat Associates (CMA) is seeing strong growth in Asia as the firm continues to benefit from a rising interest among Asian families for wealth planning. “In recent years we have observed a significant increase in wealth planning needs, a strong correlation on the growing affluence of Asians. Life insurance plays a crucial role in striking a holistic […]

The post Insurance broker CMA books double revenue in Hong Kong fueled by demand for wealth planning appeared first on Asian Private Banker.

Major insurers, including Prudential, AXA, AIA and FWD, have all delivered strong new business growth and operating profits supported by wealthy mainland Chinese clientele. Prudential recorded new business profits of US$1,468 million in 1H24, up 8% year-on-year (YoY). Adjusted operating profit for 1H24 increased by 9% YoY to US$1,544 million. “We entered this year with a clear strategy and a […]

The post Rich Mainland China visitors fuel new business boom for insurers appeared first on Asian Private Banker.

Global insurance giant Prudential has named a former Citi senior executive as its new chief executive officer for Greater China. Based in Hong Kong, Angel Ng will assume the role of regional CEO, Greater China, Customer and Wealth at Prudential, according to a company statement on Monday. Ng will report to Prudential’s CEO Anil Wadhwani and join the Group Executive […]

The post Former Citi Global Wealth Asia head joins Prudential as Greater China CEO appeared first on Asian Private Banker.

HSBC Life has named a new Hong Kong CEO aiming to capture the rising demand for insurance protection and wealth management in the Greater Bay Area (GBA). Daisy Tsang, who has worked for HSBC for more than two decades, has been named as the CEO of HSBC Life Hong Kong, effective 1 August 2024, subject to regulatory approval, the insurance […]

The post HSBC Life names Hong Kong CEO to meet rising GBA demand appeared first on Asian Private Banker.

Insurance provider Utmost Group has entered into an agreement to acquire Lombard International Assurance Holdings Sarl, the former said in a statement on Thursday. Subject to regulatory and other approvals, the acquisition will merge wealth solutions provider Lombard International and Utmost International, the insurance-based wealth solutions arm of Utmost Group. The expected completion date is end-2024. Utmost, which has a […]

The post Lombard International to be acquired by insurance group appeared first on Asian Private Banker.

HSBC has promoted its Hong Kong insurance head to CEO of HSBC Global Insurance. The bank’s insurance business has seen growth from U/HNW clients in recent years. The bank has announced the appointment of Edward Moncreiffe as CEO of HSBC Global Insurance, replacing Greg Hingston, who is pursuing other career opportunities, with immediate effect. Moncreiffe has been with the HSBC […]

The post HSBC promotes Hong Kong insurance head to global role appeared first on Asian Private Banker.

Mainland Chinese UHNW clients prefer ‘jumbo’ life insurance, also known as universal life insurance, due to its immediate leverage and minimal costs while maintaining liquidity, Shirley Shen, CEO of DL Emerald, a Hong Kong-based licensed insurance broker that serves family office clients, told Asian Private Banker. “Jumbo life insurance policies serve as the cornerstone and fundamental firewall for UHNW families’ […]

The post Why Chinese clients prefer jumbo life insurance appeared first on Asian Private Banker.

Following the reopening of the mainland China border, the Hong Kong insurance sector is seeing a resurgence. However, vast untapped opportunities still remain for private banks looking to tap this market, according to Enoch Chan, partner at McKinsey. “Private banks play an active role in selling insurance to mainland Chinese customers. However, there are still tremendous untapped opportunities, and banks […]

The post How private banks can capture the “tremendous untapped opportunities” in insurance appeared first on Asian Private Banker.

This is a sponsored article from Morgan Stanley. The private wealth management industry is seeing changes in the wealth planning needs and priorities of HNW families. Morgan Stanley explains to Asian Private Banker how these changes affect the key roles of private banks. Susanna Fung, head of asset planning group, Morgan Stanley Private Wealth Management Asia, has been in the […]

The post Wealth planners as holistic navigators: Morgan Stanley appeared first on Asian Private Banker.

What a difference a few years can make to your business. “Up until the end of 2019, roughly 40% of our customers’ premium inflow was derived from non-resident Chinese customers,” Edward Moncreiffe told Asian Private Banker. And before the pandemic, distribution through-third party brokers was higher than from the HSBC brands. “Now, clearly that non-residents market has gone,” the CEO […]

The post Local pivot offsets loss of mainland Chinese business for this US$60B life insurer appeared first on Asian Private Banker.

Hong Kong’s insurance market has shrunk by almost 40% over the last two years after COVID-19 travel restrictions choked off the flow of U/HNWIs from mainland China to the city, according to a study. The survey by Deloitte and BOC Life, published on Friday, found that the value of new standard premiums was HK$79 billion in 2021. That was a […]

The post Hong Kong insurance market shrinks by 40% as wealthy mainland Chinese vanish appeared first on Asian Private Banker.

This is a sponsored article from Swiss Life. Combine professional portfolio management with Swiss Life’s Variable Universal Life insurance to mandate control, and with discretion, reclaim your future. In times of uncertainty, financial resilience is of paramount importance. Adversity can strike at any moment which makes access and control a key driver when navigating incidents that might affect your income, […]

The post The powerful integration of life insurance and investment. Why predict your future when you can create it? appeared first on Asian Private Banker.

Charles Monat Associates (CMA), a Hong Kong-based global insurance broker, has announced the appointment of an APAC CEO and Singapore CEO to capitalise on the growth opportunities created by a rapidly expanding pool of wealth in the region. Berry Wong has been appointed as APAC CEO, a newly created role. He was most recently the Hong Kong CEO of the […]

The post Charles Monat Associates rejigs global leadership structure, appoints new APAC and Singapore CEOs appeared first on Asian Private Banker.

Global insurance broker IPG Howden has appointed a chief commercial officer and a chief marketing and products officer to complete its senior management team, Asian Private Banker has learnt. Gaya Vtheswaran joined IPG Howden last month as chief commercial officer. Vtheswaran has over 15 years of experience in the U/HNW insurance industry and was most recently the deputy CEO at […]

The post IPG Howden adds two to senior management team appeared first on Asian Private Banker.

Utmost International, an international life assurance business serving affluent to UHNW individuals, has named its Singapore branch CEO and head of sales in Asia. Upon meeting regulatory requirements and approvals, Cherie Tan will be appointed as CEO of Utmost International’s Singapore branch and head of sales in Asia. Tan was most recently responsible for sales and marketing of insurance wealth […]

The post Utmost International picks Singapore branch CEO from Lombard International appeared first on Asian Private Banker.

AIA Singapore announced today that it has partnered with Nanyang Technological University (NTU) to provide 120 personal wealth managers (PWMs) with Institute of Banking and Finance (IBF) training “similar to that of a private banker”. A media release stated that the ‘Certified Private Banker’ programme, developed by NTU’s Wealth Management Institute (WMI), will equip selected AIA staff with the skills […]

The post Insurer AIA Singapore to equip 120 staff with private banking skillsets appeared first on Asian Private Banker.

Research suggests that, by 2020, Asia – which today has the world’s largest HNW population – could be home to more than US$14.5 trillion in HNW wealth. Asian Private Banker’s ‘Succession Planning 2018: Perceptions and Opportunities for HNWIs’ report, sponsored by Transamerica Life Bermuda, explores the industry’s perception of succession planning, clients’ needs for effective wealth transfer and wealth preservation, […]

The post Succession Planning: Life Insurance and Succession Planning (Executive Summary Part 3) appeared first on Asian Private Banker.

Research suggests that, by 2020, Asia – which today has the world’s largest HNW population – could be home to more than US$14.5 trillion in HNW wealth. Asian Private Banker’s ‘Succession Planning 2018: Perceptions and Opportunities for HNWIs’ report, sponsored by Transamerica Life Bermuda, explores the industry’s perception of succession planning, clients’ needs for effective wealth transfer and wealth preservation, […]

The post Succession Planning: The Concept of Succession Planning (Executive Summary Part 2) appeared first on Asian Private Banker.

Research suggests that, by 2020, Asia – which today has the world’s largest HNW population – could be home to more than US$14.5 trillion in HNW wealth. Asian Private Banker’s ‘Succession Planning 2018: Perceptions and Opportunities for HNWIs’ report, sponsored by Transamerica Life Bermuda, explores the industry’s perception of succession planning, clients’ needs for effective wealth transfer and wealth preservation, […]

The post Succession Planning: Life Insurance Market Landscape (Executive Summary Part 1) appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) has proposed measures to address the risks associated with the large-scale movement of financial advisory representatives from one company to another. In a consultation released Wednesday, the regulator said it is considering regulating the “sign-on incentives” that companies offer when they conduct mass recruitment exercises. “A large part of these incentives is usually paid […]

The post MAS mulls regulation on “sign-on incentives” appeared first on Asian Private Banker.

Credit Suisse’s head of product management insurance solutions for the APAC region has left the bank, Asian Private Banker can reveal. According to sources, Nicholas Kourteff is no longer at the Swiss major, where he was part of the Credit Suisse Trust Group. In his Singapore-based role, Kourteff was responsible for expanding the protective solutions business in the Asia Pacific region and […]

The post Credit Suisse’s APAC head of product management insurance solutions resigns appeared first on Asian Private Banker.

Six months after leaving his Hong Kong-based role as head of wealth planning services, Asia Pacific at BNP Paribas Wealth Management, Berry Wong, the new Hong Kong CEO at insurance broker Charles Monat Associates (CMA) speaks to Asian Private Banker on his new responsibilities and his views on product trends, talent and training in the insurance sector. How will your experience […]

The post Charles Monat Associates HK CEO Berry Wong on his move from bank to broker appeared first on Asian Private Banker.

Against a robust global economic backdrop, Credit Suisse has revealed its five key investment themes for 2018 that the bank believes will benefit from a sustained solid growth story. Theme 1: EM winners Emerging markets (EMs) have performed “extremely well” in 2017, with MSCI Emerging Markets Index recording around 30% returns year-to-date. Driven by growth momentum, Credit Suisse expects next year […]

The post Credit Suisse reveals its five investment themes for 2018 appeared first on Asian Private Banker.

Wealthy Asians are increasingly turning to life insurance for retirement planning purposes, according to a survey by Transamerica Life Bermuda and Asian Private Banker, which surveyed a total of 456 RMs, wealth managers, independent asset managers, brokers and clients from private banks, family offices and brokerage firms in Hong Kong and Singapore between April and July 2017. The report shows that nearly […]

The post Desired Product Features and the Distribution Model of Retirement-Focused Life Insurance Products appeared first on Asian Private Banker.

Barring pure protection products, the high net worth (HNW) life insurance market is likely to remain “high touch, low tech” for the foreseeable future, says Walter de Oude, CEO of insurtech start-up Singapore Life, which offers both retail and HNW policies. “I don’t see complete automation of the HNW wealth insurance segment in the short term, however I do see […]

The post HNW insurance market will remain “low tech” for foreseeable future, says Singapore Life appeared first on Asian Private Banker.

Wealthy Asians are increasingly turning to life insurance for retirement planning purposes, according to a survey by Transamerica Life Bermuda and Asian Private Banker, which shows that nearly half of all HNW and UHNW individuals in the region do not have a retirement plan in place. The ‘Exploring High Net Worth Retirement Solutions – 2017 Report’ reveals that of those […]

The post Asia’s wealthy turning to life insurance for retirement planning: Survey appeared first on Asian Private Banker.

DBS and Chubb have entered into a 15-year distribution agreement in Singapore, Hong Kong, Taiwan, Indonesia and China, the Singaporean bank said in a statement today. Under the agreement, DBS will distribute, on an exclusive or preferred basis, Chubb’s home, contents and selected personal accident and supplemental health (A&H) insurance products, as well as its general insurance products for SMEs, […]

The post DBS enters into distribution agreement with Chubb appeared first on Asian Private Banker.

China Construction Bank (CCB) (Asia) and IBM are working on a blockchain-enabled bancassurance project in Hong Kong, according to a statement from the bank. Built on the IBM Blockchain Platform, the solution is designed to streamline CCB (Asia)’s bancassurance processes and “greatly enhance the customer experience and the quality of services delivered through faster transaction processing times and increased transparency”. […]

The post CCB (Asia) and IBM team up for blockchain project appeared first on Asian Private Banker.

Following the launch of its new variable universal life (VUL) plan in Singapore, AXA Insurance aims to develop a “comprehensive suite” of protection-related plans for wealthy individuals and families, says Neil Frith, managing director, life insurance, at AXA Insurance. This comes amid fierce competition within Asia’s HNW life insurance market, which has seen a number of new entrants in recent […]

The post AXA Insurance plans build-out of HNW business in Singapore appeared first on Asian Private Banker.

Hong Kong-listed Mason Group Holdings plans to build an offshore wealth management division focused largely on Chinese clients by acquiring or partnering with European banks and Asian insurance firms, according to a media report. The company, which is in talks with a number of firms, aims to have an offshore wealth management business with at least US$3 billion in assets, […]

The post Mason Group Holdings to create wealth unit for Chinese clients through acquisitions appeared first on Asian Private Banker.

ANZ is in a good position to fetch a “decent price” for its wealth unit, since the lender could list the business separately if the three shortlisted bidders fail to impress with their offers, according to Omkar Joshi, a Sydney-based portfolio manager at Regal Funds Management. The consensus valuation of the division – which includes life insurance and fund management operations – is “A$4-5 […]

The post Competition, IPO option means ANZ will fetch a “decent price” for wealth unit appeared first on Asian Private Banker.

Amid a surge in the number of insurers playing in Hong Kong’s high net worth (HNW) life insurance market, competition became “especially steep” last year, says Marc Lieberman, president and CEO of Transamerica Life Bermuda. A HNW life insurance survey conducted last year by Asian Private Banker, in partnership with Transamerica Life Bermuda, found that at least nine new insurance […]

The post Hong Kong’s HNW life insurance market sees “especially steep” competition as new entrants emerge, says CEO appeared first on Asian Private Banker.

Singapore Life, an insurtech startup that aims to offer universal life and other insurance products, said today it has been approved as a fully-licensed direct life insurer by the Monetary Authority of Singapore (MAS). The firm will initially focus on the high net worth (HNW) customer segment, it said in a statement. “Singapore Life will provide attractive alternative HNW solutions […]

The post Singapore Life granted regulatory approvals, plans to target HNW clients appeared first on Asian Private Banker.

Life insurance firm Charles Monat Associates (CMA) has agreed to a management buyout of Willis Towers Watson’s global wealth solutions business, subject to regulatory approvals, according to a statement from Willis Towers Watson. The deal, which covers 100% of Willis Towers Watson’s global wealth solutions unit, is premised on creating a “unique business structure for servicing the increasingly complex financial […]

The post Charles Monat Associates acquires Willis Towers Watson’s global wealth solutions business appeared first on Asian Private Banker.

Generali’s high net worth (HNW) business is gaining traction in Hong Kong, despite being a relative latecomer to this segment and rising competition, says Dixson Kwan, head of HNW distribution for the Italian insurer’s Hong Kong unit. “We made good progress in 2016, considering that we were up against long-established brands in this segment in Asia,” Kwan tells Asian Private […]

The post Generali “making good progress” in Hong Kong’s HNW insurance market appeared first on Asian Private Banker.

Singapore Life, a startup that aims to offer universal life and other insurance products, has raised US$50 million in capital and applied to the Monetary Authority of Singapore for a direct life insurance license. The firm’s investors include Hong Kong-listed Credit China FinTech (CCF) – via its subsidiary Impact Capital – and UK-based private equity firm IPGL. Singapore Life identified […]

The post Singaporean life insurance startup raises funding from HK, UK investors appeared first on Asian Private Banker.

Insurers are lining up to bid for ANZ’s wealth management business in Australia with two more now involved in discussions with the bank, according to recent media reports. Zurich Insurance Group and AIA Group are pitching for what’s left of the Australia bank’s wealth business, according to Australian publication, Australian Finance Review, which has seen an information memorandum. The two […]

The post Insurers circle in on ANZ’s Aussie wealth management arm appeared first on Asian Private Banker.

Almost 85% of China’s HNWIs have exposure to private equity funds, says Noah Holdings, China’s largest independent wealth manager, which cites investors’ optimism for the asset class to deliver long-term returns as the key driver behind this preponderance. In a recent research note, Noah points out that among those HNWIs who have added private equity funds to their portfolios, 23.7% […]

The post Noah: Over 80% China’s HNWIs have PE exposure appeared first on Asian Private Banker.

Goldman Sachs has adjusted its Chinese equities outlook lower, from overweight to marketweight, due to its forecast of a falling GDP growth trajectory, less fiscal spending and high capital outflow pressures, especially in the first quarter. The bank expects the GDP will see a QoQ annualised growth of 5.5% in 1Q2017, compared with a 6.6% increase in 4Q2016. “The incoming […]

The post Goldman Sachs downgrades Chinese equities to marketweight appeared first on Asian Private Banker.

The Monetary Authority of Singapore has granted the Singapore subsidiary of Lombard International a financial adviser’s licence, almost six months after the firm received a brokerage licence for Hong Kong. In an earlier statement, Lombard International, which launched to market in September 2015, said that its Hong Kong subsidiary, Lombard International Brokers Limited, is a “gateway for future expansion opportunities in Asia”. Currently, Lombard […]

The post Lombard International gets regulatory go-ahead for Singapore appeared first on Asian Private Banker.

Chinese authorities have banned mainland customers from using the ubiquitous UnionPay credit card to purchase investment-related insurance product sales via private banks in Hong Kong. The state-backed company issued a statement on its UnionPay International website advising customers that they can no longer conduct transactions for insurance solutions with “investment-related contents” using the card. However, products that cover accidents, illnesses and deaths would still be […]

The post Chinese HNWIs barred from using UnionPay to buy investment-linked insurance in HK appeared first on Asian Private Banker.

While universal life (UL) policies dominate Asia’s HNW insurance market, private bankers and insurance providers speaking at Asian Private Banker’s RM Nexus: HNW Insurance event this week expect the demand for other insurance structures to increase as client needs mature and market volatility persists. “Private banking clients have been exposed to the same products over the last decade,” said one insurance provider, whose […]

The post Private bankers disagree over future dominance of UL appeared first on Asian Private Banker.

Universal life (UL) insurance policies are nothing new to Asia and to the world of HNW insurance writ large. In recent years, however, UL structures have gained traction amongst the region’s wealthy, say providers and brokers alike.  Transamerica Life (Bermuda) Ltd., which has been managing universal life portfolios in Asia since 1981, says that segment has accounted for over 90% of its […]

The post Brokers, providers expect Asia appetite for universal life structures to grow appeared first on Asian Private Banker.

This is the second part of a two-part feature on Asia’s HNW insurance industry. All data comes from Asian Private Banker’s inaugural “Exploring the HNW Life Insurance Landscape” report. To read part 1, click here.  It is not much of a stretch to say that universal life (UL) structures dominate Asia’s HNW insurance market. In the past 12 months, around […]

The post Asia’s HNW life insurance industry laid bare: Key insights from industry-first study, part 2 appeared first on Asian Private Banker.

By the end of 2015, the top 20 private banks in Asia by assets under management accounted for US$1.47 trillion in high net worth wealth, according to Asian Private Banker data. The region is widely pinpointed as the global wealth management ‘hotspot’ – and for good reason. By 2020, research suggests that Asia – which is already home to the […]

The post Asia’s HNW life insurance industry laid bare: Key insights from industry-first study appeared first on Asian Private Banker.

Sun Life has bolstered its business with the hire of a new HNW chief from rival AXA, amidst an uptick in insurance sales in the region. David Varley joins Sun Life (Asia) as its Hong Kong-based head chief of HNW and wealth structuring, reporting to Jason Dehni, CEO of Sun Life Hong Kong. Varley will be responsible for developing the […]

The post Sun Life hires former AXA regional HNW head appeared first on Asian Private Banker.

“We’ve swiped so many cards so many times that we’ve broken a few,” reveals one product head for a Hong Kong-based wealth manager, who points to the limited effect that UnionPay credit card curbs have had on insurance sales to Chinese HNWIs. The number of single premium policies sold to Mainland clients increased by almost 250% year-on-year during the first half of 2016, with […]

The post Swipe until it breaks: Credit card curbs no match for Mainland insurance hunger appeared first on Asian Private Banker.

Mention insurance to a private banker and the response is often less-than-enthusiastic. Whether because of the stigma associated with insurance products, or strict regulatory barriers that prevent a relationship manager (RM) from directly recommending an insurance solution to a client, the percentage of RMs in Asia that have indeed referred their clients for insurance solutions (and that client has gone […]

The post Clients want it and there’s money to be made… so don’t discount insurance appeared first on Asian Private Banker.

The Hong Kong subsidiary of Lombard International, a provider of life insurance wealth structuring solutions for high net worth individuals, has been granted a brokerage licence by the Hong Kong authorities today. In a press release, Lombard International, which launched to market in September 2015, has pinpointed its newly-licensed Hong Kong subsidiary, Lombard International Brokers Limited, as a “gateway for future expansion opportunities […]

The post Lombard International receives HK brokerage licence appeared first on Asian Private Banker.

Lombard International will launch its brokerage business in Hong Kong and Singapore to offer insurance-based wealth structured solutions to the growing base of HNWIs in the region. The new Lombard International subsidiaries will be named Lombard International Hong Kong and Lombard International Singapore, subject to regulatory nods. Newly-hired Tammy Lu Tsui will oversee the operations as Lombard International’s CEO, Asia […]

The post Global insurer launches brokerage business in Asia aimed at HNWIs appeared first on Asian Private Banker.

DBS and Manulife have officially launched a US$1.2 billion, 15-year regional distribution bancassurance partnership covering Hong Kong, Singapore, China and Indonesia. They will also over this period co-fund up to S$100 million (US$69 million) in digital technology and innovation investments. The Canadian insurer was already DBS’ main provider of insurance solutions in Hong Kong and Indonesia and their second largest provider […]

The post DBS, Manulife in billion-dollar bancassurance, tech tie-up appeared first on Asian Private Banker.

ACE Life is looking to partner another player in the wealth management industry in Asia as it targets further growth in the region, Asian Private Banker has learnt. Allan Lam, country president of ACE Life in Hong Kong, says that he “expects Asia Pacific will continue to be the region with the fastest-growing and biggest HNWI population, ahead of the […]

The post ACE Life targets larger slice of Asia’s private wealth market appeared first on Asian Private Banker.

While the recent global markets volatility, yuan depreciation and US Federal Reserve rate hike conundrum continue to cast deep shadows over private banking portfolios, top private bankers say clients are now shrugging off initial fears and turning to alternative investments. “It’s been a summer sale for clients as this is a buying opportunity in the markets despite the huge focus on the Fed […]

The post HNWIs eyeing “summer sale” buying in alternatives appeared first on Asian Private Banker.

In a bid to strengthen its wealth management offering, Standard Chartered Bank (StanChart) has partnered with Manulife to form a pension distribution partnership. Manulife will gain the exclusive right to offer its Mandatory Provident Fund (MPF) product to StanChart’s customers in Hong Kong. As part of the arrangement, Manulife will acquire StanChart’s existing MPF and Occupational Retirement Schemes Ordinance (“ORSO”) […]

The post StanChart, Manulife enter 15-year distribution partnership appeared first on Asian Private Banker.

ACE Life, the life insurance division of ACE Group, has opened the doors to its new global wealth management centre in Hong Kong. Allan Lam, ACE Life country president said, “ACE Life aims to create plans for clients for years and generations to come.” The newest player in what is an already crowded market, ACE Life plans to differentiate itself through […]

The post ACE Life opens global wealth management centre in Hong Kong appeared first on Asian Private Banker.

Singaporean lender DBS has signed 15-year regional distribution agreement with insurer Manulife Financial, covering Indonesia, China, Hong Kong and Singapore. The agreement, announced today (8 April), will come into effect on the 1 January 2016. Under the terms of the partnership, Manulife will pay DBS US$1.2 billion to market life and health insurance solutions to the bank’s customers. The cost […]

The post DBS and Manulife partner in US$1.2bn deal appeared first on Asian Private Banker.

Following Monetary Authority of Singapore’s (MAS) attempts to raise the bar for insurance providers in the region, private banks may find themselves re-thinking how they sell insurance products to clients. Similar in tone and intent to the UK’s Retail Distribution Review (RDR), the new standards could impact how insurance is offered at private banks that don’t have an in-house practice. […]

The post Singapore regulator wants to raise bar for insurance industry, may impact fee earned by private banks appeared first on Asian Private Banker.

Citibank China has opened its flagship outlet in Shanghai featuring its first Citigold private client center.  The branch offers a full range of services including premium accounts, structured investment accounts, QDII products and insurance. Citigold Private Client is a proposition designed to meet the needs of high net worth individuals with minimum balance requirement of RMB 8mn (US$1.25mn) or equivalent […]

The post Citi opens its first Citigold Private Client Center in Shanghai appeared first on Asian Private Banker.

India-based financial services firm, Bajaj Finserve plans to enter the wealth management space tap into the growing wealth of high net-worth individuals (HNWI). Bajaj Finserve is currently running a pilot on the business and will continue conducting studies and analysis on the market before launching in March 2013. According to a recent report by Kotak Wealth Management, the number of […]

The post Bajaj Finserve aims to extend offering to high net-worth Indians appeared first on Asian Private Banker.

There is a product that is earning private banks 6-8% in fees. There is a product that requires a small amount of capital upfront and allows clients to gear themselves to catch an upswing in interest rates. There is a product that is dangerously close to being mis-sold. Universal life (UL) – an insurance product where premium payments above the […]

The post Universal Life: a ticking time bomb? appeared first on Asian Private Banker.