HSBC has announced the completion of the legal integration of AXA Singapore and HSBC Insurance (Singapore) via a scheme of transfer. This also marks the start of insurance operations as a combined business under HSBC Life (Singapore) Pte Ltd.
HSBC said that the completed integration will allow it to further grow its insurance business in Singapore and expand its customer reach in the health and wealth space. The transfer and rebranding will have no impact to the terms of any in-force policies written by either AXA Singapore or HSBC Insurance (Singapore).
This comes almost 1.5 years after HSBC announced that it would buy AXA Singapore in August 2021, which was HSBC’s first major acquisition in 10 years. The transaction was valued at US$529 million (S$694 million).
Mr Wong Kee Joo, Chief Executive of HSBC Singapore, said, “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 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.”
Ms 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,” she said, reported Insurance Business Asia.