HSBC Insurance (Singapore) has become a Tier-1 insurer under the Monetary Authority of Singapore.

This means it has met certain requirements: A direct life or composite insurer with total assets of at least $5 billion.

Tier-1 insurers are subject to higher corporate governance standards.

HSBC Insurance (Singapore) chief executive Ian Martin said in a statement yesterday: "This is a significant milestone for us as a result of our focus to sustainably grow the business since we first acquired the initial insurance book in 2003."

HSBC bought Keppel Insurance in 2003. The company's total assets in Singapore have "grown almost five-fold" to $4.3 billion in 2015 and more than $5 billion last year.

Mr Martin said: "We operate an integrated bancassurance model that provides insurance products principally for customers with whom we have a banking relationship.

"Being part of the wider HSBC Group allows us to efficiently utilise our resources to deepen our market share and offer market-leading products."

Singapore is one of its key markets, with Britain, France and Hong Kong among others.

Rachael Boon