Allianz is set to buy the bank’s Singapore insurance arm, entering a 15-year distribution pact as HSBC streamlines its global operations
1-MIN READ1-MIN ListenZoe SL ChanPublished: 10:38am, 24 Jul 2026HSBC has agreed to sell its Singapore life and health insurance business to Germany’s Allianz for S$2.7 billion (US$2.08 billion), with the deal expected to be completed in the first half of 2027, HSBC Group announced on Friday morning before the start of trading.
The disposal is expected to generate a pre-tax gain of US$1.8 billion and boost HSBC’s common equity tier 1 ratio by up to 15 basis points, the bank said.
As part of the deal, HSBC Singapore will enter a 15-year exclusive bancassurance distribution agreement with Allianz, receiving an initial S$200 million cash payment for distributing insurance products to its retail and high-net-worth clients.
Completion remains subject to regulatory approval. If finalised, Allianz will own HSBC Life Singapore and retain all of its employees.
