Allianz to acquire HSBC Life Singapore in $2.1bn deal

Allianz SE has agreed to purchase HSBC Life Singapore, the Singapore‑incorporated life and health insurer owned by HSBC, for an enterprise value of roughly $2.1 billion (about S$2.7 billion). The transaction, subject to approval by the Monetary Authority of Singapore, is expected to close in the first half of 2027. In addition to the sale, Allianz and HSBC will sign a 15‑year exclusive bancassurance partnership that allows HSBC’s branches to continue selling Allianz’s protection, health, retirement and wealth products to its customers.

Allianz CEO Oliver Bäte said Singapore serves as the insurer’s Asia‑Pacific headquarters and is central to its global growth strategy. Board member Renate Wagner added that the acquisition strengthens Allianz’s foundation to support more individuals and communities with a broader product portfolio. HSBC’s simplification strategy, driven by CEO Georges Elhedery, includes the divestiture of the Singapore life business.