HSBC to Acquire AXA’s Insurance Arm in Singapore

The financial service giant HSBC announced on Monday that its indirect wholly-owned subsidiary HSBC Insurance (Asia-Pacific) Holdings Ltd (HSBC Insurance) has entered into an agreement to acquire 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for US$575m, subject to regulatory approval.

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According to the official press release, the proposed acquisition is a milestone supporting HSBC’s ambition to be Asia’s leading insurance and wealth provider. Singapore is a strategically important scale market for HSBC, and a major hub for HSBC’s ASEAN wealth business.

AXA Singapore is currently the 8th largest life insurer in Singapore by annualized new premiums, 5th largest property and casualty (P&C) insurer and a leading group health player. And it is a good fit with HSBC’s existing HSBC Insurance business. Both businesses have complementary products across the spectrum of insurance solutions and distribution channels, while AXA Singapore provides access to a sizeable tied-agency sales force, several leading independent financial advisory firms, and a large pool of insurance policyholders and corporate relationships.

In June, Fazzaco reported that HSBC Private Banking has launched its Online Trading platform​ for private banking clients in Asia.