According to guidelines issued by the Monetary Authority of Singapore (Mas), a Tier 1 insurer is defined as a direct life or composite insurer with total assets of at least S$5bn (£2.8bn, $3.6bn, €3.3bn), that is subject to higher corporate governance standards.
In a statement on its website, HSBC Insurance (Singapore) described that status as a “milestone”.
HSBC Insurance (Singapore) is a wholly owned subsidiary of HSBC Insurance (Asia Pacific), an offshoot of the London-based holding company of the HSBC Group.
The unit currently offers a range of life insurance solutions to its retail, corporate and private banking customers as well as key bancassurance partners such as local and global banks.
HSBC Singapore also serves high net worth individuals via its Premier and Private Banking units, The firm has said it will continue to support the “rising demand for protection and legacy planning solutions through its universal life product offerings”.
The unit was set up in 2003 after HSBC acquired Keppel Insurance to form part of its Singapore’s operations. Since then, its total assets in Singapore have grown almost five-fold to S$4.3bn in 2015 and exceeded S$5bn in 2016.
Ian Martin, chief executive of HSBC Insurance (Singapore), said: “This is a significant milestone for us as a result of our focus to sustainably grow the business since we first acquired the initial insurance book in 2003.
“We operate an integrated bancassurance model that provides insurance products principally for customers with whom we have a banking relationship. Being part of the wider HSBC Group allows us to efficiently utilise our resources to deepen our market share and offer market-leading products.”