The organisation said that its IFA partnerships run alongside its distribution model which includes a bancassurance arrangement with HSBC Bank and third-party arrangements with other financial institutions.

“The business overhaul reflects the overall growth and evolving composition of Singapore’s insurance market, compromising both Singapore’s increasingly ageing and wealthy domestic population and the growth of international citizens seeking more sophisticated wealth and insurance solutions in Singapore,” it said in a statement yesterday.

Life insurance and certain other insurance structures are an important wealth management service and product channel in Asian jurisdictions such as Singapore and Hong Kong. (See examples here and here.)

“Meeting our customers’ protection needs is key to our growth, and expanding into financial advisory firms in Singapore will enable us to reach out to a new group of customers who can benefit from HSBC’s new product offerings,” Carlos Vazquez, CEO, HSBC Life Singapore, said.

HSBC Life Singapore has introduced two new whole-life plans, Life Protect Advantage and Emerald Legacy Life Plan.

The firm intends to roll out more protection-geared products in the retirement and financial planning space.