The formal merger of HSBC Insurance (Singapore) and AXA Singapore has been completed, according to a statement from HSBC. The beginning of insurance activities as a consolidated firm under HSBC Life (Singapore) Pte Ltd also occurs at this time.
As per HSBC, the integration's completion will enable it to build its insurance business in Singapore and widen its customer base in the wealth and health sectors. There will be no changes to the terms of any active policies written by either HSBC Insurance or AXA Singapore as a result of the transfer and rebranding (Singapore).
The announcement that HSBC would purchase AXA Singapore in August 2021—the bank's first sizable acquisition in ten years—came almost one and a half years prior. The deal was worth US$529 million (or SG$694 million).
“The integration of our insurance businesses under HSBC Life Singapore is a key step in achieving HSBC's ambition of becoming a leading wealth manager in Asia and serving customers’ health and wealth needs,” said Wong Kee Joo, chief executive of HSBC Singapore. “Singapore’s Industry Transformation Map 2025 presents many opportunities for HSBC as Singapore strengthens its position as a leading international financial centre in Asia. Looking ahead, we want to be a leading player in the country's financial sector by capturing new avenues of growth across wealth, sustainability and digitalisation.”
“HSBC Life Singapore is now bigger and stronger. With our increased scale, we are better placed to serve our customers wherever they are and to offer a wealth of opportunities to our employees and tied distributors,” said Ho Lee Yen, CEO of HSBC Life Singapore. “Just as we want to be part of our customers’ lives across life stages, we aim to grow with our employees through different career milestones with the multitude of possibilities throughout the HSBC group in Singapore and beyond.”