HSBC sells Singapore insurance business to Allianz for $2.09 billion

Published Jul 23, 11:22 PM UTC

HSBC announced on July 24, 2026, that it will sell its Singapore life and health insurance business to Germany's Allianz in a deal valued at US$2.09 billion (S$2.7 billion). The transaction involves HSBC's Singapore insurance unit and represents a significant divestment by the British banking giant in the Asian insurance market. Allianz, one of the world's largest insurance companies, will acquire the business, expanding its footprint in Singapore's competitive insurance sector. The deal is expected to close pending regulatory approvals. This move aligns with HSBC's strategy to streamline its operations and focus on core banking activities, while Allianz strengthens its presence in Asia's growing insurance market.