HSBC Agrees to Sell Singapore Life and Health Insurance Business to Allianz
2026-07-23 23:08:05
According to Jin10, HSBC Holdings said the HSBC Group has agreed to sell HSBC Life Insurance (Singapore) Pte. Ltd. to Allianz for S$2.7 billion, subject to regulatory approval, with completion expected in the first half of 2027. Upon completion, HSBC and Allianz will sign a 15-year exclusive bancassurance distribution agreement, under which HSBC will continue distributing insurance products to its customers in Singapore. HSBC will receive an initial one-off cash payment of S$200 million when the distribution agreement is signed.
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