HSBC has agreed to sell its Singapore life business to Allianz as part of €2bn deal.
Wholly owned subsidiary Allianz Asia will acquire HSBC Life Singapore – a Singapore-incorporated and licensed composite insurer – subject to regulatory approval.
Allianz and HSBC Singapore have also agreed a 15-year exclusive distribution partnership that will see Allianz provide protection, health, retirement and wealth solutions to HSBC’s customers in Singapore. The partnership is expected to begin when the transaction completes in the first half of 2027.
The combined deal totals €2bn and Allianz expects to generate a double-digit return on investment in the mid-term.
Oliver Bäte, CEO of Allianz SE, said: “Singapore serves as our Asia-Pacific headquarters and is central to our global growth strategy. Singapore is a forward-thinking, globally connected and resilient market, and is a nation that cares deeply about the well-being of its people.
“Allianz’s expansion in Singapore underscores our resolve to help more people meet their protection, health, retirement and wealth needs globally.”
Renate Wagner, member of the board of Management of Allianz SE, added: “Allianz has served our customers as a trusted partner in Singapore for more than 25 years.
“With the strategic acquisition of this high-quality business, we build on that strong foundation to support more individuals and communities even more comprehensively, with a broader product portfolio that helps protect and plan for what matters most to them.”
