HSBC (00005.HK) has agreed to sell HSBC Life Insurance (Singapore) Pte Ltd to Allianz for SGD 2.7 bln, subject to regulatory approval and expected to close in 1H 2027. The deal includes a 15-year exclusive bancassurance distribution agreement under which HSBC will continue distributing insurance products to its Singapore customers. HSBC will receive an initial one-off cash payment of SGD 200 mln on signing the distribution agreement.

2026-07-24

HSBC (00005.HK) has agreed to sell HSBC Life Insurance (Singapore) Pte Ltd to Allianz for SGD 2.7 bln, subject to regulatory approval and expected to close in 1H 2027. The deal includes a 15-year exclusive bancassurance distribution agreement under which HSBC will continue distributing insurance products to its Singapore customers. HSBC will receive an initial one-off cash payment of SGD 200 mln on signing the distribution agreement.