Allianz Asia Pacific (Allianz) has signed 15-year extension of the exclusive bancassurance distribution agreement with Hongkong and Shanghai Banking Corporation (HSBC) in Asia.

The two parties initially signed strategic partnership deal in 2012, and since then they have formed a strong and resilient bancassurance business in Asia Pacific region.

Under the renewed partnership, which is extended into 2036, HSBC will continue to distribute insurance products of Allianz in the areas of protection, education, retirement, wealth, and legacy needs in the region.

Allianz Asia Pacific regional CEO Anusha Thavarajah said: “In the past decade, we have grown a successful global bancassurance partnership that has achieved exponential growth in volume and value.

“Extending the partnership for an additional 15 years re-affirms the success of our partnership and commitment of HSBC and Allianz, global leaders in Banking and Insurance respectively to deliver sustainable growth in Asia.”

Thavarajah noted that the two firms will together continue to invest and innovate technology and product to deliver the best solutions and service through banking platforms.

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Allianz board member Sergio Balbinot said: “As the insurance landscape continues to evolve, Allianz and HSBC have pledged to invest substantially into a new bancassurance model which remains a significant distribution channel of insurance solutions to HSBC customers in Asia Pacific, where broad distribution of solutions is essential to help close the protection gap, and protect the health, wealth, and assets of the region’s rising middle-class.”

Through the distribution agreement, Allianz and HSBC intend to provide best-in-class insurance products and deliver a digitally-enabled insurance experience for customers.