Allianz wins bid to underwrite HSBC insurance
Allianz Australia has signed with HSBC Bank Australia to provide local bank-branded general insurance products, in a deal that mirrors international arrangements.
The company replaced a group of insurers and began underwriting bank products in Australia last month.
Allianz and HSBC already collaborate in a number of international markets under the bank’s preferred strategic partners program.
It now provides HSBC home and contents policies, motor, boat, caravan and trailer insurance in addition to life, travel and consumer credit policies.
Spokesman Nicholas Scofield says revenue from those lines is unlikely to dominate the balance sheet, but “as a single account it’s obviously a good one”.
Globally the HSBC Insurance business generates around $US3.1 billion ($3.6 billion) in group gross profit, or about 13% of the group’s total. The bank has identified scope to increase insurance earnings to 20% of gross profit.
The company replaced a group of insurers and began underwriting bank products in Australia last month.
Allianz and HSBC already collaborate in a number of international markets under the bank’s preferred strategic partners program.
It now provides HSBC home and contents policies, motor, boat, caravan and trailer insurance in addition to life, travel and consumer credit policies.
Spokesman Nicholas Scofield says revenue from those lines is unlikely to dominate the balance sheet, but “as a single account it’s obviously a good one”.
Globally the HSBC Insurance business generates around $US3.1 billion ($3.6 billion) in group gross profit, or about 13% of the group’s total. The bank has identified scope to increase insurance earnings to 20% of gross profit.