Exclusive: HSBC Global Insurance Head Edward Moncreiffe to Leave after Two Decades, Sources Say

HSBC's global head of insurance, Edward Moncreiffe, is set to leave the bank after two decades, according to sources, marking a significant leadership change at the Asia-focused lender.

Edward Moncreiffe, HSBC's global chief of its insurance business, is preparing to leave the bank after approximately two decades with the group, according to two sources with direct knowledge of the matter. The departure, which has not been formally announced, comes as Moncreiffe looks to pursue new opportunities outside the company.

"Moncreiffe, who assumed the role at the Asia-focused bank in 2024, is leaving shortly for new opportunities outside the company," a source told Reuters.

"The information is not yet public, and a formal announcement is expected in the coming days."

Moncreiffe was appointed as General Manager and CEO of Global Insurance in April 2024, succeeding Greg Hingston. He previously served as CEO of HSBC Life Hong Kong and Macau, where he was instrumental in the sale of a world record US$250 million policy, helping the group's new insurance value grow 77% in the first half of 2024 to US$1.3 billion. He also oversaw the appointment of Daisy Tsang as his successor in Hong Kong.

"Under Moncreiffe's leadership, HSBC's insurance business saw significant growth, particularly in the high-net-worth segment in Asia," said a banking analyst.

"His departure will be a notable loss for the division."

A spokesperson for HSBC in Hong Kong declined to comment on the matter, and Moncreiffe did not immediately respond to requests for comment.

The Future of HSBC's Insurance Division

Moncreiffe's exit comes amid a series of leadership changes within HSBC's insurance operations. Gregoire Picquot was appointed as Chief Financial Officer for Insurance, effective January 2026, following a series of key promotions across HSBC Life's regional business.

"HSBC's insurance business is a key pillar of its wealth management strategy, particularly in Asia," said an industry expert.

"The bank will need to find a strong successor to maintain its momentum."

The departure also comes as HSBC continues to navigate a changing global insurance landscape, with the bank focusing on high-net-worth clients in Asia and the Greater Bay Area as a key driver of growth.

Here is the question this departure raises. Edward Moncreiffe is leaving HSBC after two decades, having led the insurance division through a period of significant growth. When a senior executive departs from a key division, what does it mean for the bank's strategic direction?

As HSBC searches for Moncreiffe's successor, The Silicon Review asks a final question. When a leader who drove record growth moves on, how can the bank ensure continuity and maintain its competitive edge?

FAQ:

Q: Who is Edward Moncreiffe?
A: Edward Moncreiffe is the General Manager and CEO of Global Insurance at HSBC, a role he has held since 2024. He previously served as CEO of HSBC Life Hong Kong and Macau.

Q: Why is Edward Moncreiffe leaving HSBC?
A: According to sources, Moncreiffe is leaving to pursue new opportunities outside the company. The departure has not been formally announced.

Q: What was Moncreiffe's impact on HSBC's insurance business?
A: Moncreiffe was instrumental in growing HSBC's insurance business, including the sale of a record US$250 million policy and a 77% increase in new insurance value in the first half of 2024.

Q: Who might succeed Moncreiffe at HSBC?
A: HSBC has not announced a successor, but the bank has recently appointed Gregoire Picquot as CFO for Insurance, and other leadership changes have occurred within the division.

Q: What is HSBC's insurance strategy in Asia?
A: HSBC's insurance strategy focuses on high-net-worth clients in Asia and the Greater Bay Area, offering products for wealth preservation and estate planning.