HSBC Life appoints new CEO for China

HSBC Life Insurance Co Ltd announced the appointment of Jim Costello as its chief executive officer for the Chinese mainland on Tuesday.

In the role, Costello will lead the business in offering comprehensive insurance solutions to both individuals and families. His appointment has been approved by the China Insurance Regulatory Commission.

Jim Costello, chief executive officer for the Chinese mainland of HSBC Life Insurance Co Ltd.

"HSBC continues to strengthen its bancassurance capabilities in the Chinese mainland to help customers plan their future needs for growing and protecting their wealth. Jim's extensive experience and expertise gained from various senior leadership roles in HSBC will add further value in driving our insurance growth strategy in China," said Marcelo Teixeira, HSBC's group head of insurance.

HSBC Life is focused on providing market-leading life insurance products to the fast-growing affluent and high-net-worth population on the Chinese mainland.

"Insurance is an integral part of HSBC's wealth management strategy and HSBC Life supports this strategy by offering products that both secure and protect our customers' future prosperity and help them realize their ambitions," Teixeira said.

Costello joined HSBC as a management trainee in the United States in 1995. He moved to the Chinese mainland from Hong Kong where his work helped solidify HSBC's top position in the Hong Kong life insurance market. Costello has held a variety of senior leadership positions at HSBC, in business, product development and operations for insurance and banking in Asia and North America.