Allianz to acquire HSBC Life Singapore under broader EUR2 billion deal
(Alliance News) - Allianz SE on Friday announced a new distribution agreement with HSBC Holdings PLC along with a deal to acquire HSBC Life Singapore.
Allianz, a Munich, Germany-based insurer and asset manager said the two agreements will have a combined consideration totalling EUR2.0 billion. Allianz said it expects to generate a double-digit return on investment in the mid-term.
Under the terms of the 15-year distribution agreement with the London-based universal bank, Allianz will provide protection, health, retirement and wealth solutions to HSBC 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," Allianz commented.
The acquisition of HSBC Life Singapore, a diversified life and health insurance businesses, is subject to regulatory approvals but expected to close in the first half of 2027.
HSBC Life Singapore reported an operating profit of EUR80 million in 2025 with comprehensive equity at EUR1.2 billion.
Allianz said: "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."
Shares in Allianz closed down 0.4% at EUR424.40 each in Frankfurt on Thursday, while HSBC shares ended 0.9% lower at 1,527.00 pence each in London.
By Elijah Dale, Alliance News senior reporter Asia-Pacific
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