Allianz, through its subsidiary Allianz Asia Holding, has agreed to acquire HSBC Holdings' insurance division in Singapore. The two companies have also entered into an exclusive distribution partnership agreement lasting 15 years, under which Allianz will provide protection, health, pension and wealth management solutions to HSBC's customers in Singapore. This was announced by Allianz Group and HSBC Holdings.
The total consideration for both agreements amounts to 2 billion euros, and Allianz expects to generate a double-digit return on investment in the medium term.
The acquisition, which advances Allianz's strategy to grow and serve more people in Asia, is expected to be completed in the first half of 2027.
"Singapore serves as a regional headquarters for the Asia-Pacific region and is fundamental to our global growth strategy," said Oliver Bäte, Chief Executive Officer of Allianz. "Singapore," he added, "is a forward-looking, globally connected and resilient market, as well as a nation that deeply values the well-being of its population. Allianz's expansion in Singapore underscores our determination to help more people meet their protection, health, pension and wealth needs globally."
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