Thursday, May 24, 2018

Insurance business lifts HSBC’s profit in Asia

Europe’s biggest bank HSBC reported a 7% pretax profit rise in Asia in the first half of this year, thanks to stronger insurance and wealth management revenue in Hong Kong.

The bank, which makes over half of its profits in Asia, said pretax profit in the region reached US$7.6 billion in the first six months of the year, sending its total pretax profit to US$10.2 billion, higher than the US$9.5 billion average estimate drawn from analysts surveyed by the bank.

The bulk of HSBC’s profit in Asia comes from Hong Kong and China.

HSBC has through its unit HSBC Insurance Brokers, signed an insurance distribution deal with Allianz PNB Life Insurance in the Philippines.

 

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