HSBC has completed the legal integration of AXA Singapore and HSBC Insurance (Singapore) via a scheme of transfer, marking the start of the insurance operations of the combined business under HSBC Life Singapore.
HSBC Insurance (Asia Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings, had acquired AXA Singapore for US$529 million. The deal, first announced on August 16 2021, was HSBC’s first major acquisition in 10 years.
Wong Kee Joo, chief executive officer of HSBC Singapore, comments: "The integration of our insurance businesses under HSBC Life Singapore is a key step in achieving HSBC's ambition of becoming a leading wealth manager in Asia and serving customers’ health and wealth needs. Singapore’s Industry Transformation Map 2025 presents many opportunities for HSBC as Singapore strengthens its position as a leading international financial centre in Asia. Looking ahead, we want to be a leading player in the country's financial sector by capturing new avenues of growth across wealth, sustainability and digitalization."
The scheme of transfer and rebranding will have no impact on the terms of any of the policies in-force underwritten by either AXA Singapore or HSBC Insurance (Singapore), HSBC says.