Global insurer Allianz Group (Allianz), through its wholly owned subsidiary Allianz Asia Holding Pte Ltd, has agreed to acquire composite insurer HSBC Life Singapore Pte Ltd (HSBC Life Singapore) from HSBC Holdings plc (HSBC Group), subject to regulatory approval.
HSBC Life Singapore has a strong presence in the country’s life and health insurance market. It generated an operating profit of €80 million in 2025 and has comprehensive equity of €1.2 billion.
Allianz and HSBC Singapore will also enter into an exclusive 15-year distribution agreement.
The partnership builds on a well-established, over-a-decade-long distribution relationship between Allianz and HSBC Group across Asia, and is expected to commence upon completion of the transaction.
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.
The combined consideration for both agreements is set at €2 billion, as Allianz expects to generate a double-digit return on investment in the mid-term. The acquisition advances the insurer’s growth strategy to serve more people in Asia, and is expected to close in the first half of 2027.
Oliver Bäte, Chief Executive Officer, Allianz SE, commented, “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.”
The two new deals will propel Allianz’s presence and reach in the Singapore market, and allow customers to benefit from greater access to global solutions to address their protection, health, retirement and wealth needs.
Renate Wagner, Member of the Board of Management, Allianz SE, commented, “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.”
