HSBC Life fined 170,000 yuan over unreasonable insurance deductibles, among other violations

HSBC Life has been fined 170,000 yuan (HK$196,626) by the Shanghai Financial Regulatory Bureau for several compliance violations, including imprudent equity valuation, unreasonable medical insurance deductible clauses, and failures in its health insurance division to meet regulatory operating standards. 

Under the dual penalty mechanism, Hong Yiwan, who was the investment operations manager at the time, was also issued a warning and fined 40,000 yuan for imprudent equity valuation.

HSBC Life issued a statement on its website, stating that the company has completed rectification and will continue to strengthen compliance and internal control management to ensure that all business activities are conducted in accordance with laws and regulations.

Established in August 2009, HSBC Life is a wholly-owned subsidiary of HSBC Insurance (Asia), which is part of the HSBC (0005). In the first quarter of 2026, HSBC Life achieved insurance business revenue of 4.799 billion yuan and net profit of 68 million yuan.

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