汇丰银行+投资者教育：国际财务报告准则第17号（演示资料）

9 March 2023HSBC LifeIFRS 17 teach-in for Investors and AnalystsGreg HingstonCEO, Global Insurance and PartnershipsInsurance strategy3HSBC Life overviewOverviewFY22 selected financial information (IFRS 4)$503mDistribution revenue from HSBC Life$320mDistribution revenue from partnersHSBC manufactures life and health insurance products in 10 markets1Key manufacturing markets are Hong Kong, mainland China, Singapore, India1, the UK and MexicoHSBC Life manufactured products are distributed through HSBC channels as well as external channels (e.g. Independent Financial Advisers, brokers, 3rd party banks)Insurance manufacturing is core to our Wealth strategy, particularly in AsiaHSBC also distributes life and general insurance products from partners in 30 markets where we do not manufactureAligned with Group priorities of increasing fee income and growing our WPB franchise$14.1bnManufacturing Gross Premium Income$2.4bnManufacturing ANP$147bnManufacturing total assets$17.7bnManufacturing Embedded Value$606mGross dividend2$1.3bnManufacturing VNB4HSBC Life – an integrated business modelKey customer needs BorrowProtectTransactHealth & lifestyleSavings & retirementInvestments Term Life Credit Life protection Whole of Life Universal Life Key person insurance Auto/Motor/ Home Travel Accident & Health Critical illness Endowment Annuities Unit-linked Retirement incomeServing customers across retail and private bank, SMEs and corporatesHigh quality holistic advice and conduct standardsMore effective integration across customer journeys, propositions, loyalty and rewards mechanisms, data analytics and customer engagementHSBC Life driving new-to-bank customer acquisition for the GroupRevenue and cost synergies with WPB, CMB, and GBMOperating integration across Technology, Data Analytics and Customer Lifecycle ManagementCustomer needs met by InsuranceCustomer needs met by the rest of HSBCCustomer needs5Focused on growing valueMarket growth – Hong Kong (#1 life insurer3), mainland China, India, Singapore, the UK and Mexico Opportunities to increase penetration of the bank customer base across segments in key manufacturing marketsHSBC Life led distribution channel expansion - e.g. Pinnacle in mainland China and tied agency in SingaporeGrowing mix of health and protection propositions Growth ambition focusDriving value creation for shareholders4Embedded value increased from $15.4bn to $17.7bn (2020-2022) VNB CAGR of 31% (2020-2022); $3.2bn cumulative VNB in the last 3 years, with c.80% from Hong Kong FY22 VNB margin of 56% (up from 38% in 2021)Contributor to Group (FY22 gross dividend2 of $0.6bn)Alistair ChamberlainCFO, Global Wealth and InsuranceIFRS 17 update7Executive summary1IFRS 17 does not change the economics of the insurance business and decreases the volatility of Group RoTE4At transition5, Group total equity is expected to reduce by $10.5bn and tangible equity is expected to reduce by $2.4bn; a contractual service margin (CSM) liability i