Insurance

HSBC completes legal integration of its insurance businesses

HSBC has completed of the legal integration of AXA Insurance Pte Limited (AXA Singapore) and HSBC Insurance (Singapore) Pte. Limited. via a Scheme of Transfer, and the start of its insurance operations as a combined business under “HSBC Life (Singapore) Pte. Ltd.” (HSBC Life Singapore).

This milestone marks the culmination of the integration journey that followed the acquisition of AXA Singapore by HSBC Insurance (Asia Pacific) Holdings Limited, which was the first major acquisition by HSBC in 10 years, first announced on 16 August 2021.

This strongly positions HSBC to grow its insurance business in Singapore and expand its customer reach in the health and wealth space.

 

Wong Kee Joo, Chief Executive Officer, HSBC Singapore, commented: “The integration of our insurance businesses under HSBC Life Singapore is a key step in achieving HSBC’s ambition of becoming a leading wealth manager in Asia and serving customers’ health and wealth needs. Singapore’s Industry Transformation Map (ITM) 2025 presents many opportunities for HSBC as Singapore strengthens its position as a leading international financial centre in Asia. Looking ahead, we want to be a leading player in the country’s financial sector by capturing new avenues of growth across Wealth, Sustainability and Digitalisation.”

 

Greg Hingston, Chief Executive Officer, HSBC Global Insurance and Partnerships, added: “The successful integration of our insurance businesses is an important and exciting milestone for us to scale up our presence in Singapore. Through data-led propositions and holistic product solutions, coupled with a best-in-class multi-channel strategy, we want to help our customers meet their health, protection and wealth management goals. Leveraging the combined competitive advantages of HSBC Life Singapore and the rest of the HSBC Group, we aim to develop integrated insurance, wealth and banking offerings to cater to the entire continuum of customer needs throughout their life stages from wealth protection and accumulation to wealth transfer.”

Ho Lee Yen, Chief Executive Officer, HSBC Life Singapore said: “HSBC Life Singapore is now bigger and stronger. With our increased scale, we are better placed to serve our customers wherever they are and to offer a wealth of opportunities to our employees and tied distributors. Just as we want to be part of our customers’ lives across life stages, we aim to grow with our employees through different career milestones with the multitude of possibilities throughout the HSBC group in Singapore and beyond.”

The Scheme of Transfer and rebranding have no impact to the terms of any of the policies in-force underwritten by either AXA Singapore or HSBC Insurance (Singapore) Pte. Limited.

HSBC Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc acquired AXA Singapore for a consideration of US$529m.