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HSBC agrees to US$2 billion deal to sell Singapore insurance branch to Allianz

HSBC has agreed to sell its Singapore life and health insurance business to Germany’s Allianz for S$2.7 billion (US$2.08 billion), with the deal expected to…

By Samantha Johnson / July 24, 2026

HSBC has agreed to sell its Singapore life and health insurance business to Germany’s Allianz for S$2.7 billion (US$2.08 billion), with the deal expected to be completed in the first half of 2027, HSBC Group announced on Friday morning before the start of trading.

The disposal is expected to generate a pre-tax gain of US$1.8 billion and boost HSBC’s common equity tier 1 ratio by up to 15 basis points, the bank said.

As part of the deal, HSBC Singapore will enter a 15-year exclusive bancassurance distribution agreement with Allianz, receiving an initial S$200 million cash payment for distributing insurance products to its retail and high-net-worth clients.

Completion remains subject to regulatory approval. If finalised, Allianz will own HSBC Life Singapore and retain all of its employees.

This transaction is part of HSBC’s ongoing efforts to streamline its business, focusing on areas with strong competitive edges to boost revenue and market share.

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