HSBC Insurance Completes Merger With AXA Singaporeby Fintech News Singapore February 2, 2023
The integration between HSBC Insurance Singapore and AXA Insurance is now complete and has begun operating as a combined entity – HSBC Life Singapore.
The merger and rebranding will have no impact to the terms of any of the policies in-force underwritten by either AXA Singapore or HSBC Insurance Singapore.
The bank said in a statement that this “strongly positions HSBC to grow its insurance business in Singapore and expand its customer reach in the health and wealth space”.
Announced in August 2021, the US$529 million deal was inked to double the bank’s life insurance market share and was the first major acquisition by HSBC in 10 years. HSBC then proceeded to lay off more than 20 employees at AXA Singapore.
Greg Hingston, Chief Executive Officer, HSBC Global Insurance and Partnerships said,
“The successful integration of our insurance businesses is an important and exciting milestone for us to scale up our presence in Singapore.
Leveraging the combined competitive advantages of HSBC Life Singapore and the rest of the HSBC Group, we aim to develop integrated insurance, wealth and banking offerings to cater to the entire continuum of customer needs throughout their life stages from wealth protection and accumulation to wealth transfer.”
Ho Lee Yen, Chief Executive Officer, HSBC Life Singapore said,
“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.
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.”