HSBC reportedly considering selling Singapore insurance business worth over US$1B

SINGAPORE: HSBC Holdings is reviewing options for its Singapore insurance business, including its sale, which could be worth over US$1 billion (S$1.29 billion), Bloomberg reported, citing people familiar with the matter.

HSBC and a financial adviser are reportedly working on HSBC Life’s (Singapore) review, with other insurers and investment firms already expressing early interest, the sources said.

However, no final decisions have been made, and the considerations are still preliminary, they added.

A spokesperson for HSBC declined to comment but said that Singapore remains a key international wealth and wholesale hub and is crucial for investment and growth.

HSBC Life (Singapore) provides life and critical illness coverage, savings, personal accident, and health insurance. The bank has grown its insurance presence in the city-state both organically and through acquisitions, including its 2022 purchase of AXA Insurance Pte Ltd for US$529 million (S$681 million). /TISG

Read also: Singapore ranks second-favourite investment destination for wealthy Chinese planning to boost insurance, gold and equities investments over the next 12 months

Featured image by Depositphotos