HSBC Signs S$2.7 Billion Deal to Sell Life, Health Insurance Business in Singapore to Allianz

11:20 PM EDT, 07/23/2026 (MT Newswires) -- HSBC (HSBA.L) agreed to divest its life and health insurance business in Singapore to German insurer Allianz's (ALV.F) Allianz Asia Holdings for S$2.7 billion. The agreement to sell HSBC Life (Singapore) was signed by HSBC Insurance (Asia-Pacific) Holdings, according to a Friday filing. Following deal closing, the parties will sign a 15-year exclusive bancassurance distribution agreement, under which HSBC will receive another S$200 million as an initial lump sum cash payment. Completion is expected in the first half of 2027, subject to the approval of relevant regulators. The British lender said the transaction is in line with its strategy to simplify its organization.