HSBC Insurance Holdings, an indirect, wholly-owned subsidiary of HSBC Holdings, announced that it had completed the acquisition of 100% of AXA Singapore for USD529m. AXA Singapore is the 8th largest life insurer in Singapore by annualised new premiums, with net assets of USD474m. With the completion of the deal, AXA Singapore and HSBC’s existing HSBC Life Singapore business will be integrated, according to the announcement. Combining the two businesses would make the integrated entity the 7th largest life insurer and 4th largest GI health insurer in the city-state. Surendra Rosha, HSBC Co-CEO for Asia Pacific, said the acquisition of AXA Singapore significantly boosts HSBC’s ability, as an Asia-centric bank, to serve the wealth and protection needs of people in the region.
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