HSBC Announces New CEO for Singapore Insurance Operations
HSBC earlier announced on 16 August 2021 an agreement to fully acquire AXA Insurance Pte Limited (AXA Singapore), which is a key step in achieving HSBC’s stated ambition of becoming a leading wealth manager in Asia. Following deal completion, which is subject to regulatory approval, the intention is to merge the operations of HSBC Insurance (Singapore) Pte. Ltd. and AXA Singapore, subject to further approval by the Singapore regulator and courts.
With over 25 years’ experience in the industry, Lee Yen brings with her strong sectoral expertise from a variety of senior executive roles across Actuarial, Partnership Distribution, Marketing, Customer Solutions and Propositions as well as Agency Distribution. Lee Yen is a Singaporean and joins HSBC from AIA Singapore where she was Chief Distribution Officer. Under her stewardship, she fortified the digital transformation of the Distribution Model and brought home the prestigious MDRT Builder Award 2021.
Prior to that, Lee Yen held the position of Chief Customer and Marketing Officer, where she was instrumental in the launch of AIA Vitality, a science-backed health and wellness programme. She also initiated the development of innovative solutions to strengthen customer propositions, resulting in numerous awards won in product innovation, marketing and public relations, including being named CMO of the Year 2019 by Marketing Magazine. Lee Yen also headed the Bancassurance Business for Great Eastern Life. She is a Fellow of The Institute of Actuaries and the Life Management Institute.
Commenting on the appointment, Bryce Johns, Global CEO, HSBC Life and Insurance Partnerships, said: “I am delighted to have Lee Yen join us to lead our extended Singapore insurance franchise (subject to regulatory approvals) into the next phase of our growth agenda. Lee Yen’s extensive management experience, deep knowledge of the needs of customers and distributors, and strong understanding of the Singapore and wider Asia market, will prove invaluable as we boldly expand our horizons in a distinctive manner.”
Kee Joo Wong, Chief Executive Officer of HSBC Singapore, said: “Singapore is a strategically important market for HSBC globally and a gateway to Southeast Asia. A key pillar in our wealth growth ambitions is to support individuals, companies and their employees with their health and wealth needs. The proposed AXA Singapore acquisition will deliver a distinctive and holistic wealth planning, health and general insurance experience and help us further reach and service customers beyond our branch network. We’re delighted to have Lee Yen, who is a proven and experienced insurance executive, to help us meet our customers’ needs.”
Reporting to Bryce Johns, Lee Yen will be part of the HSBC Singapore and HSBC Life Global Executive Committees.
In the past three years, HSBC Singapore has increased its investment in headcount, technology and its proposition across the business, which has resulted in strong underlying revenue growth for the franchise and for the wider Southeast Asia business. In 2020, HSBC Insurance recorded an adjusted profit before tax of US$1.4bn globally.
Media enquiries to:
Moh Shuying | +65 6658 2365 | shuying.moh@hsbc.com.sg
About HSBC Life
HSBC Life is the insurance business of the HSBC Group. We manufacture life insurance products in Hong Kong, mainland China, Singapore, India*, France, UK, Malta, Mexico and Argentina. HSBC Life offers a range of insurance products to meet the protection, education, retirement, wealth growth and legacy planning needs of our customers. Our services and products are available through HSBC banking channels, selected third-parties, including financial advisers and aggregators, and our newly established Pinnacle Personal Wealth Planner business in mainland China.
*Through our joint venture, Canara HSBC OBC Life Insurance
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore’s financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 13 branches (comprising 10 dedicated HSBC Premier Centres, 2 HSBC Jade Centres and a Premier International Centre) and many locations across the island providing self-service terminals.
About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.