Insurance premium income drops to US$10b, HSBC saysBusiness | 23 Feb 2021 4:35 pm
HSBC reported today net insurance premium income for 2020 was US$$10.1 billion, a drop of US$500 million from 2019.
This reflected lower new business volumes, particularly in France and Hong Kong. It was partly offset by lower reinsurance arrangements in Hong Kong.
Net insurance claims and benefits paid and movement in liabilities to policyholders was down by US$2.3 billion. This was mainly due to lower returns on financial assets supporting contracts where the policyholder is subject to part or all of the investment risk.