HSBC Life Singapore appoints CIO, chief product officer

HSBC Life Singapore on Monday said it has appointed senior executives Philip Pang and How Chee Koon as chief investment officer (CIO) and chief product officer respectively.

The appointments will further support the growth of HSBC's insurance business in Singapore as it increases its manufacturing and distribution activities locally, it added.

Mr Pang is responsible for developing, executing and overseeing the investment strategy of HSBC Life Singapore.

He has over 15 years of experience in the insurance and investment sectors, and spent the last eight years at Prudential Singapore and NTUC Income Singapore, both as head of investment. He previously worked at HSBC Global Asset Management in Hong Kong and Singapore.

Mr How is responsible for the strategic implementation and execution of new product developments and the management of HSBC Life Singapore's product suite.

He has close to 15 years of life insurance experience across product development, actuarial pricing and valuation, data analytics, distribution and marketing, and was most recently head of consumer marketing at AIA Singapore.

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HSBC Life Singapore chief executive Carlos Vazquez said Mr Pang and Mr How, both experts in their respective areas, will be well-placed to help the insurer continue drive growth initiatives by improving customers' investment returns and experience.

HSBC Life Singapore will play an important role in driving HSBC's wealth ambition to become the top wealth management provider in Asia, the lender added.

Mr Vazquez said the insurance arm's close collaboration with HSBC's retail and private banking units, as well as its asset management arm, will allow HSBC Life Singapore to develop more innovative solutions to address the protection and retirement planning needs of customers across the wealth continuum.

Last May, HSBC rebranded its Singapore insurance business and launched two new whole-life plans for its retail and high-net-worth segments. It also expanded its distribution channels by partnering independent financial advisory firms.

In February, the London-headquartered bank combined its retail and private banking units to become one of the world's largest global wealth managers, with US$1.4 trillion in wealth balances, of which nearly half come from Asia.