Allianz to acquire HSBC Life Singapore

Allianz has agreed to acquire HSBC Life Singapore and enter into a 15-year exclusive distribution agreement with HSBC Singapore.

The combined consideration is €2 billion, or S$2.9 billion. Of that amount, S$2.7 billion covers the acquisition of HSBC Life Singapore, with the remainder allocated to the distribution agreement.

Under the partnership, Allianz will provide protection, health, retirement and wealth products to HSBC customers in Singapore. The agreement builds on an existing relationship between Allianz and HSBC across Asia Pacific.

HSBC Life Singapore distributes life, savings and health products through tied agents, independent financial advisers, brokers and bancassurance. The insurer generated operating profit of €80 million in 2025 and reported comprehensive equity of €1.2 billion.

Allianz expects the transaction to produce a double-digit return on investment over the medium term. The deal is expected to close during the first half of 2027, subject to regulatory approval.