HSBC and Generali strengthen their partnership in China for Employee Benefits

HSBC and Generali strengthen their partnership in China for Employee Benefits 

Generali and HSBC Bank (China) Company Limited have entered into a new agreement for the period 2018-2020 for the provision of insurable benefits to all HSBC employees in Mainland China, encompassing seven entities. The total number of insured individuals including family members is about 27,700, representing one of the largest insurance mandates by HSBC Group globally. 

Generali through its local Joint Venture Generali China Life has been the main insurance provider of HSBC China also for the period 2015-2017. This agreement is part of the international relationship that HSBC has with the Generali Group in over 30 countries also leveraging on the GEB Network. 

The companies covered by the new agreement are: HSBC Bank China Company, HSBC Technology & Services China, HSBC Life Insurance Company, HSBC Electronic Data Processing (Guangdong), HSDC Software Development (Guangdong), HSBC Qianhai Securities and HSBC Rural Bank.

HSBC was one of the first foreign banks to locally incorporate its operations in mainland China, establishing HSBC Bank (China) Company Limited in April 2007. HSBC Chinas network currently comprises over 170 outlets across more than 50 major cities. HSBC Chinas head office is based in Pudong, Shanghai. China represents a key pillar in HSBCs strategic plan, with focus on the fast-growing industrial region of the Pearl River Delta. In 2017 HSBC was awarded as the Best International Bank in China by Asia money and Best Foreign Commercial Bank by Finance Asia for the fifth consecutive year.


Generali is an independent, Italian Group, with a strong international presence. Established in 1831, it is among the worlds leading insurers and it is present in over 60 countries with total premium income exceeding 68 billion in 2017. With nearly 71,000 employees in the world and 57 million customers, the Group has a leading position in Western Europe and an increasingly significant presence in Central and Eastern Europe as well as in Asia. In 2017, Generali Group was included among the most sustainable companies in the world by the Corporate Knights ranking.

As a joint venture between Generali Group and CNPC Capital Company, Generali China Life Insurance Co., Ltd  was the first Sino-foreign joint-ventured insurer approved by the Chinese Government for operation after China joined the World Trade Organization (WTO). CNPC Capital Company Limited specializes in financial business management, and serves as CNPCs platform for financial business integration, financial equity investment, financial asset management and supervision, and financial business risk control. It has invested in Bank of Kunlun Co., Ltd., GCL and other eight financial enterprises by (majority) shareholding, managed these enterprises with a standard and sound corporate governance to improve industry-finance coordination, cooperation between various financial sources and achieve resources sharing.