Allianz acquires HSBC's Singapore life insurance business for over US$2 billion
Allianz Group said on Friday it had agreed to acquire HSBC's Singapore life insurance business for S$2.7 billion (approximately US$2.09 billion), thereby expanding its presence in the Asian life and health insurance market. The German insurance giant expects to achieve double-digit returns on its investment in the medium term, with the deal expected to close in the first half of 2027. As part of the deal, Allianz will also enter into an exclusive 15-year distribution partnership with HSBC Singapore to strengthen its business ties in the region. Friday's announcement underscores the German insurer's determination to expand its presence in Singapore, where it said the market's fundamentals are strong, including stable economic growth. Sound regulatory environment. Renate Wagner, member of the Allianz Group Management Board, said: “We are committed to providing more comprehensive support to more people and communities with a broader product portfolio to help them protect and plan for what matters most.” In 2025, HSBC Life Singapore achieved an operating profit of 80 million euros (approximately US$91 million).