HSBC Acquires AXA Singapore For US$575m
(17 August 2021 – Singapore) HSBC is acquiring AXA Singapore for $575 million, a move that is expected to strengthen and expand its wealth management footprint in Asia.
The combined unit comprising HSBC Life Singapore and AXA Singapore would be the seventh-largest life insurer and the fourth-largest retail health insurer in Singapore, with over 600,000 policies in-force covering life, health and property and casualty insurance.
HSBC currently ranks 10th in life insurance in Singapore, and does not have a health insurance business.
“This strategic investment is a key milestone for HSBC Life to materially scale up, grow and diversify our insurance and wealth business in Singapore,” said HSBC’s Wealth and Personal Banking business chief executive Nuno Matos. “The proposed acquisition will immediately put us in a leading position in health and employee benefits, and accelerate our build-out of a distinctive and holistic wealth and health planning business, operating beyond our branch network.”
After exiting retail banking in the US and France this year, HSBC Group Chief Executive Noel Quinn said last month the bank was looking at three or four “bolt on” acquisitions in Asia outside China in areas including insurance and asset management.
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