HSBC is selling its Singapore insurance business to Germany's Allianz. The transaction transfers ownership of the bank's local insurance operations to the European insurer.
HSBC sells Singapore insurance unit to Allianz for $2.09 billion
The German insurer acquires HSBC's life insurance operations in a deal that values the business at over two billion dollars.
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Calvin Seng
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The transaction value is reported as S$2.7 billion, equivalent to US$2.08 billion, representing a slight adjustment from the initial figure of US$2.09 billion. This disposal is expected to yield a pre-tax gain of US$1.8 billion and enhance HSBC's common equity tier 1 ratio by up to 15 basis points. Additionally, the deal includes a 15-year exclusive bancassurance agreement and is projected to be completed in the first half of 2027.
Sources 3
- CNA — HSBC sells Singapore insurance business to Germany's Allianz in US$2.09 billion deal (opens in a new window)
- investing.com — HSBC sells Singapore life insurance unit to Allianz for $2.1 bln (opens in a new window)
- cnbc.com — Allianz to buy HSBC’s Singapore insurance unit for $2.09 billion (opens in a new window)
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