Singapore: HSBC to acquire AXA for $575m
Source: Asia Insurance Review | Sep 2021
HSBC Insurance (Asia-Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings (HSBC), has entered into an agreement to acquire 100% of the issued share capital of AXA Insurance (AXA Singapore) for $575m.
The proposed acquisition, which is subject to regulatory approval, is a key step in achieving HSBC’s stated ambition of becoming a leading wealth manager in Asia, by expanding its insurance and wealth franchise in Singapore, a strategically important scale market for HSBC, and a major hub for its ASEAN wealth business, says HSBC in a statement.
Following completion of the deal, AXA Singapore will be merged with HSBC’s existing insurance arm – HSBC Insurance (Singapore) (HSBC Life Singapore). The combined
business would be the seventh largest life insurer based on annualised new premiums and the fourth largest retail health insurer based on gross premiums with over 600,000 policies in-force covering life, health and P&C. A