HSBC agrees to sell Singapore life, health insurance unit to Allianz for S$2.7 billion

HSBC Holdings agreed to sell HSBC Life (Singapore) to Allianz for SGD 2.7 billion (about USD 2.1 billion), with completion expected in H1 2027.

The deal is expected to deliver a pre-tax gain of USD 1.8 billion and lift the group’s CET1 ratio by up to 15 basis points.

HSBC Bank Singapore will also sign an exclusive 15-year bancassurance distribution agreement to sell the insurer’s products to retail and wealth clients.

HSBC is set to receive an initial SGD 0.2 billion (about USD 0.2 billion) lump-sum payment tied to the distribution agreement.