HSBC, the biggest lender in Hong Kong and Europe, has launched a major reshuffle of its insurance unit, with two senior executives appointed to replace outgoing global insurance CEO Edward Moncreiffe, according to an internal company memo seen by the South China Morning Post. Daisy Tsang, CEO of HSBC Life Hong Kong, and Kai Zhang, Asia head of international wealth and premier banking, have been named co-CEOs of insurance, effective immediately, the document stated. The pair will continue to undertake their current responsibilities in addition to their new roles, it added. The reshuffle came as Moncreiffe resigned from HSBC “to pursue external opportunities”, according to the memo, which was jointly issued by Barry O’Byrne, CEO of international wealth and premier banking, and the lender’s co-CEOs for Asia and the Middle East, David Liao Yi-chien and Surendra Rosha. The departure of Moncreiffe has taken the market by surprise, as insurance and wealth management are key focuses of HSBC’s expansion plans. The lender’s global wealth management arm saw revenue jump 18 per cent in the first half of 2026, while its insurance business grew 32 per cent, according to its results announced last week. “Insurance is integral to delivering our strength to become the leading international wealth manager for affluent to ultra-high-net-worth clients in key markets and corridors,” the memo said. “We’re confident that under Daisy and Kai’s combined leadership, we’ll continue to build on our strong momentum and deliver even better outcomes for our customers.” Tsang began her insurance career with HSBC in 2000, rising to become CEO of HSBC Life in Hong Kong in 2024. Zhang was previously president and CEO of Manulife-Sinochem Life Insurance in mainland China for seven years before joining HSBC as head of wealth and personal banking for South and Southeast Asia in 2023. She took up her current role in 2024. The pair will have to steer HSBC’s insurance division through a challenging period for the industry, as Beijing steps up controls over wealthy mainland families’ use of cross-border wealth and insurance products. Authorities began levying a 20 per cent tax on gains from offshore insurance policies as part of that push earlier this month. The reshuffle came a month after HSBC agreed to sell its Singapore life and health insurance business to Germany’s Allianz for S$2.7 billion (US$2.08 billion), with the deal expected to be completed in the first half of 2027. The disposal is expected to generate a pre-tax gain of US$1.8 billion, the bank said. Moncreiffe, who was with HSBC for 20 years, led the company to become a market leader, with the largest market share in terms of new life insurance policy premiums over the past four years. This included the sale of a world-record US$250 million life policy in February 2024.