Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation Limited (HSBC) have announced a 15-year extension of their exclusive bancassurance distribution agreement in key markets across the region.

According to Allianz, its strategic partnership with HSBC, which began in 2012, has formed a strong and resilient bancassurance business. The renewed partnership, now extended into 2036, covers exclusive distribution of life insurance products in Taiwan, Indonesia, Malaysia, the Philippines and Sri Lanka, and non-life insurance products in Malaysia and Sri Lanka. For mainland China, the agreement will be on a non-exclusive, preferred basis in select cities where HSBC Life currently does not have a presence.

For HSBC, the partnership will extend the build-out of its wealth and health planning business. “We will also be able to offer a more comprehensive suite of products and services, leveraging new channels and tools – from digital, data and analytics to health and wellness and direct marketing initiatives to serve the growing protection, wealth and health needs of our customers in these key markets,” says Nuno Matos, HSBC's chief executive for wealth and personal banking.

The bank will continue to distribute Allianz insurance products in the areas of protection, education, retirement, wealth, and legacy needs in the region.