M&A: HSBC completes acquisition of AXA Singapore
Source: Asia Insurance Review | Mar 2022
HSBC Insurance (Asia Pacific) has completed the acquisition of 100% of the issued share capital of AXA Singapore for a consideration of $529m, subject to closing adjustments.
AXA Singapore’s operations complement HSBC’s existing local insurance business, HSBC Insurance (Singapore). AXA Singapore’s large retail and corporate customer base, multiple distribution channels, and complementary insurance products will allow HSBC to scale up and diversify its insurance and wealth business in Singapore materially. AXA Singapore is the eighth largest life insurer in Singapore by annualised new premiums, fifth largest property and casualty (P&C) insurer by gross written premiums and a leading health player.
Combining the two businesses would make the integrated entity the seventh largest life insurer (based on annualised new premiums) and fourth largest retail GI health insurer (based on gross premiums) in Singapore. A