LONDON (Bloomberg) — HSBC Holdings Plc, Europe's largest bank by market value, plans to sign new joint ventures worldwide to increase insurance profit."We don't want to have one strategic provider," said Clive Bannister, HSBC managing director of insurance, in an interview today. "Our challenge is to do this across the world."

HSBC, aiming to double insurance profit to 20 percent of group total in the next five years, announced a joint venture with Aviva Plc on May 10 to sell non-life insurance policies. London-based HSBC and UK peers including Lloyds TSB Group Plc are counting on insurance sales to reduce their reliance on unsecured lending and mortgages.

"We are going to bet the farm on organic growth," Bannister said. "Acquisitions don't look as attractive."

HSBC said in March it will acquire Swiss Life Holding's stake in two French insurance ventures for 228.8 million euros ($309 million).

The bank may also introduce investment products in the UK, including so-called wrap platforms that allow investors to consolidate investments in one product, Bannister said. Sales of wraps and self-invested personal pension plans helped Standard Life Plc increase first-quarter new business revenue by 40 percent.

"There is clearly an awful lot to play for," Bannister said.