AGBA’s OnePlatform Partners with HSBC Life to Distribute HSBC Life’s HSBC Wealth Select Protection Linked Plan

Hong Kong – AGBA Group Holding Limited (NASDAQ: AGBA) (“AGBA Group” or “AGBA”), the leading one-stop financial supermarket in Hong Kong, is delighted to announce a strategic partnership agreement between OnePlatform Wealth Management Limited (“OnePlatform”)*, part of the Group’s one-stop financial business solution platform, and HSBC Life (International) Limited (“HSBC Life”), the leading insurer in Hong Kong². HSBC Life has authorized OnePlatform to distribute its first-in-market Protection Linked Plan, namely, HSBC Wealth Select Protection Linked Plan (the “Plan”).

The Plan is a whole life policy designed to provide life protection and different investment choices at the policyholder’s discretion. The Plan offers 3 levels of sum insured — 150%, 200%, or 250% of the Total Premium Payable³ if the life insured is at Age¹ 65 or below. As a case in point, if a policyholder selects the 250% option and the life insured dies on or before Age¹ 65, the death benefit will be the higher of 250% of the Total Premium Payable³ or 105% of the account value. The death benefit provided will be subject to insurance charge⁴.

The Plan enables policyholders to adjust their sum insured any time after the first policy anniversary⁵. Policyholders can also switch among investment choice(s) and/or change premium allocation instruction of investment choice(s) at zero cost. The Plan offers Risk Matching and De-Risking Service to facilitate policyholders achieving the goal of de-risking towards retirement.

Both the fees and charges payable to HSBC Life at Plan level are simple and transparent. There are two types of on-going fees and charges – policy management charge at 1.5% of the account value per annum and insurance charge which is subject to the age and gender of the life insured, account value and sum insured.  An early encashment charge may be applied if any partial withdrawals have been made, or the policy has lapsed or has been surrendered during the first nine policy years.

Wing-Fai Ng, Group President of AGBA Group, said, “The Group is delighted to partner with HSBC Life to distribute HSBC Wealth Select Protection Linked Plan on our OnePlatform. This strategic collaboration is a testament to our commitment to providing our customers with the best quality options available in the market. Not only does this partnership further broaden our product distribution platform, but it also strengthens our position as the leading wealth and health platform in the Greater Bay Area. We are confident that our customers will benefit greatly from the quality products of HSBC Life, and we are excited to collaborate with HSBC Life to meet our customers’ protection needs. This partnership is a significant milestone for AGBA Group, and we look forward to further strengthening our relationship with HSBC Life in the coming years.”

Edward Moncreiffe, Chief Executive Officer, HSBC Life, Hong Kong and Macau said: “HSBC Life is always committed to improving on how we reach out to our customers and through our collaboration with independent financial advisors, we can provide them with even more ways to meet their protection needs using our top-notch products and services.  We are pleased to collaborate with AGBA as we believe customers will benefit from their advisory services that not only complement but also bring out the best in our flagship product HSBC Wealth Select Protection Linked Plan.  The Plan enables policyholders to diversify risks by giving them access to a broad range of investment choices and also to adapt to their ever evolving needs and circumstances with its protection features and flexibility to switch investment choices freely.  We believe this will be a solution of choice, especially under current evolving market conditions, to meet the public’s life protection, savings and retirement needs.”

¹Age means on policy effective date or policy anniversary, the Age of the life insured or policyholder where applicable at the life insured’s or policyholder’s next birthday. The Age will remain the same during the corresponding policy year until next policy anniversary.

²HSBC Life is the leading insurer in Hong Kong by new premiums.  Source: provisional statistics of Hong Kong insurance industry in the first quarter of 2023, Insurance Authority.

³Total Premium Payable means for the purpose of computing the death benefit and insurance charge, the total amount of premiums committed to be paid by policyholders for the Plan within the premium payment period selected by policyholder at policy inception, excluding top-up premiums.

⁴Your monthly insurance charge might also increase/decrease due to a higher/lower level of Sum Insured respectively and could impact the value of the Policy as a result.

⁵Increases in the level of sum insured might be subject to the underwriting approval of HSBC Life. Underwriting approval will not be required for a decrease in the level of sum insured

Photo caption: (From left to right) A Group photo was taken to mark the launch of the partnership between ABGA’s OnePlatform and HSBC Life’s key management: Thomas Wu, Chief of Business Platform of OnePlatform; Henry Shin, Chief Business Officer of OnePlatform; Wing Fai Ng, Group President of AGBA; Edward Moncreiffe, Chief Executive Officer of HSBC Life; and Daisy Tsang, Chief Distribution and Customer Officer of HSBC Life.

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This press release is issued by AGBA Group Holding Limited ( “AGBA Group”). AGBA Group accepts full responsibility for the accuracy of the information contained in this press release. If investors have any queries regarding this press release, please contact AGBA Group at https://www.agba.com/contact/.