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KUALA LUMPUR: Allianz Asia Pacific (Allianz) and The Hong Kong and Shanghai Banking Corporation Limited (HSBC) announced a 15-year extension of the exclusive bancassurance distribution agreement, covering key markets in Asia including Malaysia to 2036.

“Since 2012, the strategic partnership between Allianz and HSBC in Asia Pacific has formed a strong and resilient bancassurance business across the region that will now extend into 2036.

“HSBC will continue to distribute Allianz insurance products in the areas of protection, education, retirement, wealth and legacy needs in the region,” Allianz said in a statement.

Allianz Life Insurance Malaysia Bhd has been HSBC’s exclusive bancassurance partner since 2012, while Allianz General Insurance Company (M) Bhd has been working with HSBC on a non-exclusive basis since 2018.

With the extension, Allianz Life and Allianz General, both subsidiaries of the investment holding company Allianz Malaysia Bhd will become the exclusive bancassurance partners for HSBC in both life and non-life insurance in Malaysia.

“Allianz Malaysia has enjoyed a fruitful and committed partnership with HSBC that has borne measurable results. Allianz Life’s new business growth has consistently outperformed the bancassurance industry and the company’s market share has tripled over the last nine years.

“For Allianz General, the expansion of the partnership will allow us to activate more distribution channels with HSBC.

“Overall, through this, we can offer a suite of bancassurance solutions with our well-tailored life and general insurance products and services for HSBC customers,” Allianz Malaysia chief executive officer Sean Wang said.