Lippo Insurance branches out

Lippo Protective Life Insurance is set to expand sales through an affiliated bank after boosting new premium income by 240 per cent to $43 million in the first half.

The company plans to offer life insurance services at the 30-branch Hong Kong Chinese Bank (HKCB Bank), which is 50 per cent controlled by listed parent Lippo.

Managing director and chief executive Elroy Chan Siu-yuen said the company was also in talks with other merchant bankers.

Founded in January last year, Lippo Protective Life now has about 3 per cent of Hong Kong's life insurance market.

This is due to the increase in in-house agencies to 413 in the first half, from 198. It plans to increase this to 700 by the end of the year.

'We are also expanding our authorised agency network,' Mr Chan said.

'By the end of the year, we expect new premium income to jump sharply to $110 million from $46.2 million.' Lippo Protective Life is thinking ahead to the $40 billion Mandatory Provident Fund (MPF) the government plans to launch early next year. It has set up a trust company and promotion of its services is under way in HKCB Bank branches.