Canadian insurer Solar Life Monetary plans to extend its roster of brokers in Hong Kong and use town as a launch pad to increase into different Asian markets to seize rising alternatives within the area, in accordance with its Asia head.
“We’re based mostly in Hong Kong, which is our regional headquarters,” mentioned Ingrid Johnson, president of Solar Life Asia, in an interview. “It has served us extraordinarily effectively as a result of Hong Kong is a unbelievable location from the place we will journey across the area simply.”
The insurer has wholly owned operations within the Philippines, Vietnam and Singapore, in addition to joint ventures in Malaysia, India and mainland China. The corporate has been working in Asia for 131 years, serving 25 million shoppers throughout the area with its military of 30,000 staff and 97,000 monetary advisers.
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Solar Life’s deliberate growth matches the imaginative and prescient of Hong Kong Chief Government John Lee Ka-chiu, who desires extra worldwide insurers to base themselves within the metropolis to supervise their Asia operations.
Ingrid Johnson, president of Solar Life Asia, says the corporate will deal with hiring high quality brokers. Picture: Could Tse alt=Ingrid Johnson, president of Solar Life Asia, says the corporate will deal with hiring high quality brokers. Picture: Could Tse>
“We definitely wish to see extra cross-selling of merchandise amongst our prospects,” Johnson mentioned. “We’ve over 1 million shoppers in Hong Kong, however lower than 20 per cent have life, well being and wealth with us. In order that is a chance.”
In April, Solar Life opened a 23,000 sq ft buyer centre at The Gateway within the vacationer hotspot of Tsim Sha Tsui, becoming a member of friends resembling HSBC Life, Manulife, Prudential and Normal Chartered who’ve arrange such devoted buyer centres over the previous two years to faucet rich shoppers.
“Whereas we’re a late entrant in creating this consumer area, we’ve raised the bar when it comes to consumer expertise,” Johnson mentioned. “The brand new centre has helped enhance gross sales.”
Solar Life mentioned new coverage gross sales in Hong Kong rose fourfold yr on yr within the second quarter, with mainland Chinese language guests to Hong Kong accounting for greater than 20 per cent of the full, up from 10 per cent earlier than the pandemic.
The sturdy development in Hong Kong, alongside doubling of gross sales in mainland China and 39 per cent leap in India throughout the second quarter contributed to a 25 per cent improve in revenue to C$150 million (US$111.9 million) for the quarter ended June within the area, whereas its insurance coverage gross sales rose 51 per cent to C$450 million.
The insurer’s underlying revenue in Asia rose 36 per cent over 5 years from C$461 million in 2017 to C$627 million final yr.
Johnson mentioned Solar Life will proceed to spend money on brokers however will deal with high quality as an alternative of amount.
“We’re investing very rigorously to pursue high quality brokers to be sure that we don’t find yourself getting individuals who simply care in regards to the cash,” she mentioned. “As such, we don’t wish to simply increase the variety of the brokers, however we wish to spend money on amenities and know-how to reinforce their productiveness and companies to prospects.”
The growth plan in Hong Kong comes as Solar Life is eyeing development within the Larger Bay Space, Johnson mentioned. Solar Life has an insurance coverage three way partnership in mainland China with Everbright Group, permitting its banking accomplice China Everbright Financial institution to promote within the area that contains Hong Kong, Macau and 9 cities in Guangdong province.
Johnson was appointed Asia president on the finish of 2021, relocating to Hong Kong from London in January final yr and present process necessary quarantine when town was in grip of the fifth wave of the Covid-19 pandemic.
Johnson has put the trauma of settling within the metropolis behind her, score Hong Kong extremely for ease of doing enterprise, good meals and mountaineering trails.
“Hong Kong is a ravishing metropolis,” she mentioned. “It isn’t till you arrive right here that you simply see the convenience with which we will reside, and the federal government has set all the required constructions to help society to reside very comfortably.”
This text initially appeared within the South China Morning Post (SCMP), probably the most authoritative voice reporting on China and Asia for greater than a century. For extra SCMP tales, please discover the SCMP app or go to the SCMP’s Facebook and Twitter pages. Copyright © 2023 South China Morning Publish Publishers Ltd. All rights reserved.
Copyright (c) 2023. South China Morning Publish Publishers Ltd. All rights reserved.
