Allianz SE agreed to buy HSBC Holdings Plc\u2019s Singapore insurance unit for S$2.7 billion ($2.1 billion), marking a substantial expansion less than two years after another deal in the city-state fell apart.<\/p>\n
The two firms also agreed to enter a 15-year exclusive distribution partnership, allowing Allianz to provide insurance and other solutions to HSBC\u2019s customers in Singapore, according to a statement released Friday. Bloomberg earlier reported that Allianz was the frontrunner to purchase the unit<\/a>.<\/p>\n The transaction comes after Allianz withdrew an offer to buy a majority stake in Income Insurance Ltd. for about S$2.2 billion in December 2024. At the time the Singaporean government said the purchase shouldn\u2019t proceed on the proposed terms, dealing a setback to Chief Executive Officer Oliver Baete\u2019s effort to grow in Asia.<\/p>\n \u201cSingapore serves as our Asia-Pacific headquarters and is central to our global growth strategy,\u201d Baete said in the firm\u2019s release on Friday. Singapore \u201cis a nation that cares deeply about the well-being of its people.\u201d<\/p>\n Read more: Allianz Withdraws $1.63B Offer for Singapore\u2019s Income Insurance<\/a><\/p>\n Allianz\u2019s shares were up 0.4% at 9:37 a.m. in Frankfurt, while HSBC was trading 1.2% higher in London.<\/p>\n The Allianz deal signals confidence in the market\u2019s wealth-management growth, Bloomberg Intelligence analyst Steven Lam wrote on Friday. The new annual premium equivalent in Singapore is set to rise 15% or more in 2026, he added.<\/p>\n Adding the business would make Singapore one of the biggest markets in Allianz\u2019s life and health segment in Asia, Lam had previously said.<\/p>\n For HSBC, the sale is part of the banking group\u2019s efforts to simplify operations under CEO Georges Elhedery, who has cut management layers, jobs and businesses. The London-based lender said it expects the disposal to generate a pretax gain of $1.8 billion.<\/p>\n HSBC has previously said it\u2019s committed to Singapore<\/a> as an international wealth and wholesale banking hub.<\/p>\n The deal is expected to be completed in the first half of 2027, subject to regulatory approvals.<\/p>\n Photograph: An illuminated Allianz SE logo on the company\u2019s offices at dawn in the La Defense business district in Paris, France, on Thursday, Jan. 21, 2021; photo credit: Benjamin Girette\/Bloomberg<\/p>\n Copyright 2026 Bloomberg.<\/p>\n \n Topics Interested in Carriers?<\/p>\n Get automatic alerts for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"Allianz SE agreed to buy HSBC Holdings Plc\u2019s Singapore insurance unit for S$2.7 billion ($2.1 billion), marking a…\n","protected":false},"author":2,"featured_media":60397,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20948],"tags":[20949,24233,25876,33669,23899,33670],"class_list":["post-60396","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allianz","tag-allianz","tag-business-moves-mergers","tag-hsbc","tag-life-and-health-insurance","tag-life-insurance","tag-singapore-market"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/60396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/comments?post=60396"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/60396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media\/60397"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media?parent=60396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/categories?post=60396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/tags?post=60396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n Mergers & Acquisitions<\/a>
\n Carriers<\/a>\n <\/p>\n