LONDON (dpa-AFX) - HSBC Holdings PLC (HSBC, HSBA.L, HBC1.DE, HSHD.SI, 0005.HK) said on Friday that its indirect wholly-owned subsidiary, HSBC Insurance (Asia-Pacific) Holdings Limited, has inked a deal with Allianz Asia Holdings Pte. Ltd., a subsidiary of Allianz SE (ALV.DE, 1ALV.MI, ALIZY), to sell HSBC Life (Singapore) Pte. Ltd. for S$2.7 billion.
The transaction follows the strategic review of HSBC Life SG, which concluded that its sale would be the best outcome for all parties. The transaction is expected to be closed in the first half of 2027. The sale is projected to generate a pre-tax gain on disposal of US$1.8 billion for the HSBC Group.
Post transaction, HSBC Holdings' indirect wholly-owned subsidiary, HSBC Bank (Singapore) Limited, and HSBC Life SG will enter into an exclusive 15-year bancassurance distribution deal through which HSBC Bank will sell HSBC Life SG's insurance products to its customers on an exclusive basis. With this, HSBC will receive an initial S$0.2 billion lump sum cash payment from Allianz.
HSBC Life SG, a provider of life and health insurance products in Singapore, had reported pre-tax income of S$118 million for 2025. HSBC Holdings is the parent company of the HSBC Group.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
