HSBC insurance unit to strengthen bank sales outlets

SHANGHAI - HSBC Insurance will continue to drive its growth in China through bank insurance, the insurance arm of HSBC Holdings Plc said on Wednesday.

Bank insurance, often called Bancassurance, is a partnership between a bank and an insurance company to sell insurance products through the bank's sales channel.

"Bank insurance is our main business model in China and we will continue growing through that model," said Lao Jianrong, chief executive officer of HSBC Life Insurance Co Ltd, the China-based unit of HSBC Insurance (Asia) Ltd.