Allianz to Buy HSBC's Life and Health Insurance Arm in Singapore for €2 Billion

German insurer Allianz has agreed to acquire HSBC's life and health insurance business in Singapore, HSBC Life Singapore, for about €2 billion, or roughly SGD 2.9 billion, in a deal that deepens its presence in one of Asia's most important financial centres. The transaction, expected to close in the first half of 2027 subject to approval from the Monetary Authority of Singapore, includes all existing HSBC Life Singapore staff and client relationships, along with an exclusive distribution partnership under which Allianz will provide protection, health, retirement and wealth solutions to HSBC's customers in Singapore. The business generated an operating profit of around €80 million for HSBC in 2025, and the British bank said it expects to record a pre-tax gain of about $1.8 billion from the sale, part of a broader strategy to simplify its operations and focus on core markets. For Allianz, the acquisition adds scale in life and health insurance and secures a bank distribution channel in a wealthy, fast-growing market, while forecasting a double-digit return on the investment over the medium term.