Global insurer Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Asia Holdings Pte Ltd, has agreed to acquire general insurer HSBC Life Singapore Pte Ltd (HSBC Life Singapore) from HSBC Holdings plc (HSBC Group), subject to regulatory approval.
HSBC Life Singapore has a strong presence in the country’s life and health insurance market. Operating profit in 2025 is 80 million euros, and consolidated equity is 1.2 billion euros.
Allianz and HSBC Singapore will also enter into a 15-year exclusive distribution agreement.
The partnership builds on more than a decade of well-established distribution relationships between Allianz and HSBC in Asia and is expected to commence upon completion of the transaction.
Through this partnership, Allianz Group gains access to an established client relationship with HSBC Singapore, thereby significantly expanding its client reach in Singapore. These clients will benefit from Allianz’s proven expertise in global protection and retirement solutions, built on the global asset management capabilities of PIMCO and Allianz Global Investors.
The total consideration for both agreements is set at €2 billion, and Allianz expects to generate double-digit returns on investment in the medium term. The acquisition advances the insurer’s growth strategy to serve more people in Asia and is expected to be completed in the first half of 2027.
Oliver Bäte, CEO of Allianz Group, said: “Singapore is our Asia Pacific headquarters and at the heart of our global growth strategy. Singapore is a forward-looking, globally connected and resilient market, and a country that cares deeply about the well-being of its people. Allianz’s expansion in Singapore underlines our determination to help more people meet their global security, health, retirement and wealth needs.”
The two new transactions will drive Allianz’s reach and presence in the Singapore market and enable customers to benefit from a wider range of global solutions to meet their protection, health, retirement and wealth needs.
Renate Wagner, member of the Allianz Group Management Board, commented: “As the world’s leading insurance brand, our global customer base trusts Allianz to secure their future and stand with them. Allianz has been operating in Asia for more than a century and has served our customers as a trusted partner in Singapore for more than 25 years. year. By strategically acquiring this quality business, we will build on this foundation to support more individuals and communities more comprehensively, with a broader product portfolio that helps protect and plan for what matters most to them.”
