Allianz to buy HSBC's Singapore insurance unit for S$2.9 billion

Published Jul 23, 11:22 PM UTC

German insurance giant Allianz has agreed to acquire HSBC's Singapore insurance unit for S$2.9 billion, according to a report by The Business Times. The deal comes after Allianz's previous S$2.2 billion bid for a controlling stake in Singapore's Income Insurance fell through. The acquisition marks a significant expansion for Allianz in the Singapore insurance market, following its earlier failed attempt to gain a foothold through Income. The transaction highlights ongoing consolidation in the Asian insurance sector and Allianz's strategic focus on growth in the region.