Allianz is being viewed as the leading contender to buy HSBC Holdings\u2019 insurance business in Singapore, according to a Bloomberg report.<\/p>\n
The German group is regarded as the most likely purchaser of HSBC Life Singapore after surpassing rival bids.<\/p>\n
Unnamed sources cited by the news agency said Allianz and HSBC are working through the final terms of a deal, which could be unveiled soon.<\/p>\n
HSBC had been eyeing a valuation of up to $2bn for the business.<\/p>\n
The negotiations are continuing and other parties continue to express interest in the business, according to the sources.<\/p>\n
An Allianz representative declined to comment.<\/p>\n
An HSBC spokesperson said the Singapore insurance business is undergoing a strategic review and that no outcome has been decided.<\/p>\n
The spokesperson added that the bank remains committed to Singapore as an international wealth and wholesale banking centre, and said the market is central to its strategy as well as a focus for investment and expansion.<\/p>\n
Allianz has been looking to increase its presence in Singapore. In 2024, however, it withdrew a proposal to acquire a majority stake in Income Insurance valued at around S$2.2bn ($1.71bn).<\/p>\n
Separately, Allianz Global Investors is in exclusive discussions<\/a> to acquire the asset management arm of UOB in Singapore, as per a Bloomberg report released earlier this month.<\/p>\n HSBC had previously narrowed the bidding field for the Singapore insurance unit to Allianz, Sumitomo Life Insurance and Daiichi Life Group.<\/p>\n Other insurers including Sun Life Financial and Nippon Life Insurance had also been linked to the process.<\/p>\n The bank began a review of the business in January and said at the time that Singapore was a priority market.<\/p>\n Four years ago, HSBC completed the $529m purchase<\/a> of AXA Singapore. In 2025, the bank announced the sale<\/a> of HSBC Life (UK) to Chesnara for \u00a3260m.<\/p>\n