AXA has completed the sale of AXA Singapore to HSBC for a reported $529m.
The amount being paid is less than was reported here in August, when Reinsurance News wrote that the sale was slated to be for $575m. That followed reports in January that HSBC Holdings was among the shortlisted bidders for AXA’s Singapore operations. Malaysia’s Etiqa was also reportedly in the running, along with one unnamed Chinese entity.
Apart from the announcement, there was no comment from AXA Singapore. However, a letter from Jean Drouffe, CEO, was posted to its website at some point last year.
In a FAQ section directed at AXA Singapore customers, the insurer said: “Under the agreement, HSBC will purchase all of the shares of AXA Singapore. All obligations of AXA Singapore under your policy will continue to be honoured, and you can be assured that your policy coverage will not be impacted by this transaction.”
At the end of 2020, AXA announced that it had entered into an agreement with Generali to sell its insurance operations in Greece for a consideration of €165m ($200m).
