UK-based monetary companies group HSBC has accomplished the authorized integration of AXA Singapore and HSBC Insurance coverage (Singapore).
Concurrently, the agency introduced the graduation of its insurance coverage operations as a mixed unit below HSBC Life Singapore.
The deal, which was first introduced on 16 August 2021, noticed HSBC Insurance coverage (Asia Pacific), an oblique wholly-owned subsidiary of HSBC, pay $529m for AXA Singapore.
It bolsters HSBC’s insurance coverage enterprise in Singapore and expands its buyer base within the well being and wealth markets, the financial institution famous.
HSBC world insurance coverage and partnerships CEO Greg Hingston mentioned: “By means of data-led propositions and holistic product options, coupled with a best-in-class multi-channel technique, we wish to assist our clients meet their well being, safety and wealth administration targets.
“Leveraging the mixed aggressive benefits of HSBC Life Singapore and the remainder of the HSBC Group, we intention to develop built-in insurance coverage, wealth and banking choices to cater to your entire continuum of buyer wants all through their life levels from wealth safety and accumulation to wealth switch.”
The phrases of any lively insurance policies written by both HSBC Insurance coverage (Singapore) or AXA Singapore won’t be impacted by the corporate integration and rebranding.
HSBC Life Singapore CEO Ho Lee Yen mentioned: “HSBC Life Singapore is now larger and stronger. With our elevated scale, we’re higher positioned to serve our clients wherever they’re and to supply a wealth of alternatives to our workers and tied distributors.
“Simply as we wish to be a part of our clients’ lives throughout life levels, we intention to develop with our workers via completely different profession milestones with the multitude of potentialities all through the HSBC group in Singapore and past.”
