Allianz leads race for HSBC’s Singapore insurance arm – report

Allianz is being viewed arsenic the starring contender to bargain HSBC Holdings' security concern successful Singapore, according to a Bloomberg report.

The German radical is regarded arsenic the astir apt purchaser of HSBC Life Singapore aft surpassing rival bids.

Unnamed sources cited by the quality bureau said Allianz and HSBC are moving done the last presumption of a deal, which could beryllium unveiled soon.

HSBC had been eyeing a valuation of up to $2bn for the business.

The negotiations are continuing and different parties proceed to explicit involvement successful the business, according to the sources.

An Allianz typical declined to comment.

An HSBC spokesperson said the Singapore security concern is undergoing a strategical reappraisal and that nary result has been decided.

The spokesperson added that the slope remains committed to Singapore arsenic an planetary wealthiness and wholesale banking centre, and said the marketplace is cardinal to its strategy arsenic good arsenic a absorption for concern and expansion.

Allianz has been looking to summation its beingness successful Singapore. In 2024, however, it withdrew a connection to get a bulk involvement successful Income Insurance valued astatine astir S$2.2bn ($1.71bn).

Separately, Allianz Global Investors is successful exclusive discussions to get the plus absorption limb of UOB successful Singapore, arsenic per a Bloomberg report released earlier this month.

HSBC had antecedently narrowed the bidding tract for the Singapore security portion to Allianz, Sumitomo Life Insurance and Daiichi Life Group.

Other insurers including Sun Life Financial and Nippon Life Insurance had besides been linked to the process.

The slope began a reappraisal of the concern successful January and said astatine the clip that Singapore was a precedence market.

Four years ago, HSBC completed the $529m acquisition of AXA Singapore. In 2025, the slope announced the merchantability of HSBC Life (UK) to Chesnara for £260m.

"Allianz leads contention for HSBC's Singapore security limb – study " was primitively created and published by Life Insurance International, a GlobalData owned brand.