1 February 2023

HSBC completes legal integration of its insurance businesses

HSBC announced the completion of the legal integration of AXA Insurance Pte Limited (AXA Singapore) and HSBC Insurance (Singapore) Pte. Limited. via a Scheme of Transfer, and the start of its insurance operations as a combined business under “HSBC Life (Singapore) Pte. Ltd.” (HSBC Life Singapore).

This milestone marks the culmination of the integration journey that followed the acquisition of AXA Singapore by HSBC Insurance (Asia Pacific) Holdings Limited, which was the first major acquisition by HSBC in 10 years, first announced on 16 August 2021.

This strongly positions HSBC to grow its insurance business in Singapore and expand its customer reach in the health and wealth space.

Wong Kee Joo, Chief Executive Officer, HSBC Singapore, commented: “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 (ITM) 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 Digitalisation.”

Greg Hingston, Chief Executive Officer, HSBC Global Insurance and Partnerships, added: “The successful integration of our insurance businesses is an important and exciting milestone for us to scale up our presence in Singapore. Through data-led propositions and holistic product solutions, coupled with a best-in-class multi-channel strategy, we want to help our customers meet their health, protection and wealth management goals. Leveraging the combined competitive advantages of HSBC Life Singapore and the rest of the HSBC Group, we aim to develop integrated insurance, wealth and banking offerings to cater to the entire continuum of customer needs throughout their life stages from wealth protection and accumulation to wealth transfer.”

Ho Lee Yen, Chief Executive Officer, HSBC Life Singapore said: “HSBC Life Singapore is now bigger and stronger. With our increased scale, we are better placed to serve our customers wherever they are and to offer a wealth of opportunities to our employees and tied distributors. Just as we want to be part of our customers’ lives across life stages, we aim to grow with our employees through different career milestones with the multitude of possibilities throughout the HSBC group in Singapore and beyond.”

The Scheme of Transfer and rebranding have no impact to the terms of any of the policies in-force underwritten by either AXA Singapore or HSBC Insurance (Singapore) Pte. Limited.

HSBC Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc acquired AXA Singapore for a consideration of US$529m.

Media enquiries to:

Dorlisa Goh | +65 9459 3898 | dorlisa.goh@hsbc.com.sg

Betty Fong | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg

Note to editors:

About HSBC Life Singapore
HSBC Life (Singapore) Pte. Ltd. is a wholly owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, which is ultimately owned by HSBC Holdings plc, the London-based holding company of the HSBC Group. HSBC Life Singapore has received an A+ rating by Standard & Poor’s in February 2023. It provides a wide range of solutions that cater to life, health, retirement, protection, education, legacy planning, and wealth accumulation needs of retail and corporate clients. It also has a fully digital platform, HSBC Insurance Online, that offers simple and value for money term-based life insurance products online.

About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore’s financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of six dedicated HSBC Premier Centres, a HSBC International Wealth Hub as well as many locations across the island providing self-service terminals.

About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,992bn at 30 September 2022, HSBC is one of the largest banking and financial services organisations in the world.