HSBC today announced that Ed Moncreiffe has been promoted to CEO for Global Insurance, effective immediately.
He is elevated from his role as CEO of HSBC Life for Hong Kong and takes over from Greg Hingston, who is set to leave the company to explore new opportunities, the company said in an announcement.
Moncreiffe brings 18 years of experience within the HSBC Group to his new position.
In his most recent role, HSBC Life Hong Kong retained the top spot for new business premiums in the special administrative region for 2023, capturing an 18.9% share of the market, according to data from the Insurance Authority (IA).
In February, the business also announced it had signed off a US$250m life insurance policy for an ultra-high-net-worth client in Hong Kong, setting a new Guinness World Record.
Moncreiffe has held other leadership positions at the business, including Head of Life and Pensions for Brazil, Global Head of Retail Insurance, and Global Head of Insurance Strategic Partnerships.
Nuno Matos
Chief Executive Officer for Wealth and Personal Banking (WPB)Nuno Matos, Chief Executive Officer for Wealth and Personal Banking (WPB), commented on the appointment: “I am delighted to appoint Ed to lead this business globally and have every confidence that he can steer us to the next chapter of growth.”
Matos said that, under Moncreiffe’s leadership, HSBC plans to capitalise on recent investments in HSBC Life to pursue new opportunities in Hong Kong; to ‘supercharge’ growth in mainland China, Singapore, and India; while continuing to develop its penetration in the UK and Mexico.
Matos added that the business will aim to grow the insurance division’s contribution to HSBC’s wealth business while meeting the increasing global demand for comprehensive wealth, health, and protection solutions.
Daisy Tsang, Chief Distribution and Customer Officer at HSBC Life Hong Kong, will serve as the interim CEO of HSBC Life Hong Kong until a permanent successor is named, the business said.
