{"text":[[{"start":8.14,"text":"The head of one of HSBC’s most important businesses has resigned, as the bank continues to overhaul its global operations and the industry grapples with uncertainties around an insurance tax crackdown by Beijing."}],[{"start":21.02,"text":"Edward Moncreiffe, global chief executive of HSBC’s insurance arm, has left after more than two years in his current role and 20 years at the bank, according to a person familiar with the matter."}],[{"start":32.4,"text":"The move comes as Europe’s largest bank presses on with an overhaul of its global portfolio, including in insurance, having recently announced the sale of its Singapore insurance business to Allianz for $2.1bn and having sold its UK life insurer to Chesnara last year."}],[{"start":50.22,"text":"It also comes amid a period of uncertainty for insurance in Hong Kong. Reports of a possible tax crackdown on returns from insurance policies sold in the territory to mainland Chinese savers had alarmed the industry."}],[{"start":63.92,"text":"Insurance is a significant business line for HSBC and a key part of its drive to manage Chinese wealth."}],[{"start":70.94,"text":"The business recorded $1.1bn in pre-tax profits in the first half of this year out of $19.5bn for the whole bank globally, up 38 per cent compared with the same period last year."}],[{"start":82.94,"text":"HSBC, including its subsidiary Hang Seng, is one of the largest sellers of insurance in Hong Kong. Much of the sales come from mainland Chinese visitors who purchase life insurance policies that function similarly to long-term investment products."}],[{"start":97.98,"text":"The UK bank’s shares fell as much as 6 per cent last week amid fears that Beijing’s moves could make the products less attractive. Its shares are still up 30 per cent this year. Analysts at Citi this month downgraded the bank from “buy” to “neutral”."}],[{"start":112.14,"text":"HSBC declined to comment."}],[{"start":115.38,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786517819_5409.mp3"}