Brand of the German multinational insurance coverage and monetary companies Allianz on prime of its headquarters within the metropolis of Madrid, Spain.
Cristina Arias | Cowl | Getty Photographs
Allianz Group mentioned on Friday it has agreed to accumulate HSBC’s Singapore life insurance coverage unit for two.7 billion Singapore {dollars} ($2.09 billion), increasing the corporate’s footprint in Asia’s life and medical insurance market.
The German insurer expects to generate a double-digit return on funding within the medium-term, and the transaction is predicted to shut within the first half of 2027. As a part of the deal, Allianz will even enter a 15-year unique distribution partnership with HSBC Singapore to strengthen its ties within the area.
Friday’s announcement underscores the German insurer’s push to broaden in Singapore, the place the corporate mentioned the market is backed by sturdy fundamentals, together with regular financial progress and strong regulation.
Allianz goals “to help extra people and communities much more comprehensively, with a broader product portfolio that helps shield and plan for what issues most to them,” mentioned Renate Wagner, a member of the board of administration.
In 2025, HSBC Life Singapore generated working revenue of 80 million euros ($91 million).
