Allianz to acquire HSBC Life Singapore and enter a new long-term distribution partnership with HSBC Singapore
Allianz Group (Allianz) and HSBC Holdings plc (HSBC Group), today announced that Allianz, through its wholly owned subsidiary Allianz Asia Holding Pte Ltd, has agreed to acquire HSBC Life Singapore Pte Ltd (HSBC Life Singapore), subject to regulatory approval. HSBC Life Singapore is a Singapore-incorporated and licensed composite insurer with a strong presence in Singapore’s life and health insurance market.
In addition, Allianz and HSBC Bank (Singapore) Limited (HSBC Singapore) have agreed to enter a 15-year exclusive distribution partnership under which Allianz will provide protection, health, retirement and wealth solutions to HSBC’s customers in Singapore. The partnership builds on a well-established distribution relationship between Allianz and HSBC Group across Asia, and is expected to commence upon completion of the transaction.
The combined consideration for both agreements totals 2.0 billion euros1 and Allianz expects to generate a double-digit return on investment in the mid-term. The acquisition, which advances Allianz’s strategy to grow and serve more people in Asia, is expected to close in the first half of 2027.
Oliver Bäte, Chief Executive Officer, Allianz SE, said: "Singapore serves as our Asia-Pacific headquarters and is central to our global growth strategy. Singapore is a forward-thinking, globally connected and resilient market, and is a nation that cares deeply about the well-being of its people. Allianz’s expansion in Singapore underscores our resolve to help more people meet their protection, health, retirement and wealth needs globally."
Allianz expands in Singapore, an attractive insurance market and leading international financial hub
The transaction and the distribution agreement announced today grow Allianz’s presence and reach in the Singapore market. As a result of the proposed transaction and distribution agreement, customers in Singapore will benefit from greater access to Allianz solutions available globally, allowing them to address their protection, health, retirement and wealth needs across all life stages. The increased access of more people to such solutions plays an important role in strengthening the long-term resilience and prosperity of Singapore as a whole.
Allianz’s expanded presence in Singapore strengthens its position in one of Asia’s most attractive insurance markets and leading international financial hubs. The market’s appeal is underpinned by strong fundamentals, including steady economic growth, robust and independent regulation, a large savings pool and a rapidly ageing population. Together, these drivers create structural demand for financial protection, health, retirement and wealth management solutions across all segments of society.
Allianz extends its customer reach and offering in Singapore
The long-term distribution partnership with HSBC Singapore builds on more than 10 years of successful cooperation between Allianz and HSBC Group serving customers across Asia Pacific.
With this partnership, Allianz gains access to HSBC Singapore’s established client relationships and thus significantly expands its customer reach in Singapore. These customers will benefit from Allianz’s proven expertise in protection and retirement solutions around the world, which are underpinned by the global asset management capabilities of PIMCO and Allianz Global Investors.
HSBC Life Singapore is a diversified life and health insurer in Singapore
HSBC Life Singapore offers a range of life, savings and health protection products and benefits from a diversified distribution model that serves customers across multiple channels, including through tied agents, independent financial advisers, brokers and bancassurance. It was recognized as the #1 insurer for high net-worth individuals in Singapore by the AFFLUENTIAL™ WealthLens™ Report 2024 & 2025.
HSBC Life Singapore generated an operating profit of 80 million euros in 20252 and has comprehensive equity of 1.2 billion euros3.
Renate Wagner, Member of the Board of Management of Allianz SE, said: "As the world’s leading insurance brand, our global customer base trusts Allianz to secure their future and stand by their side. With a presence in Asia for more than a century, Allianz has served our customers as a trusted partner in Singapore for more than 25 years. With the strategic acquisition of this high-quality business, we build on that strong foundation to support more individuals and communities even more comprehensively, with a broader product portfolio that helps protect and plan for what matters most to them."
1 2.9 billion Singapore dollars; of which 2.7 billion Singapore dollars for 100% of the issued share capital of HSBC Life Singapore and the remainder for the distribution agreement with HSBC Singapore
2 Based on profit before tax and converted at 2025 average rate of EUR/SGD 1.4762
3 Based on IFRS17 equity + net CSM, where net CSM is net of CSM ceded to reinsurers and tax (17% corporate tax rate), converted at 2025 average rate of EUR/SGD 1.4762
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