Insurance

HSBC appoints Ed Moncreiffe as CEO, Global Insurance

Ed Moncreiffe has been appointed CEO of Global Insurance with immediate effect, taking over from Greg Hingston who is leaving HSBC to pursue other opportunities.

Nuno Matos, the Chief Executive Officer of Wealth and Personal Banking (WPB), emphasized the significance of the insurance sector to HSBC's strategy of becoming a top global wealth manager. He expressed his delight in appointing Ed to head the global business and is confident in Ed's capability to drive the next growth phase.

The strategy includes leveraging recent investments in HSBC Life to explore new opportunities in key markets like Hong Kong, mainland China, Singapore, and India, and to enhance market penetration in the UK and Mexico. The aim is to not only boost the insurance sector's contribution to the wealth business but also to increase customers' resilience.

The rising global demand for various insurance services, including private health, life protection, and retirement planning, presents an opportunity. HSBC Life plans to integrate insurance more closely with the group's broader offerings to provide comprehensive wealth solutions for customers.

HSBC intends to broaden and enhance insurance options for customers through successful partnerships with leading insurers, especially in markets where HSBC Life does not produce its own products.

Ed Moncreiffe has been with HSBC Group for 18 years, serving in several leadership roles, such as Head of Life and Pensions Brazil, Global Head of Retail Insurance, and Global Head of Insurance Strategic Partnerships. Under his leadership, HSBC Life has secured a leading position in the Hong Kong market and has been rapidly growing in the health business sector in the region.

Daisy Tsang, currently Chief Distribution and Customer Officer at HSBC Life Hong Kong, will serve as the interim CEO of HSBC Life Hong Kong until a permanent successor is appointed.