HSBC Agrees to Sell Singapore Life and Health Insurance Business to Allianz

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.