HSBC to sell Singapore insurance unit to Allianz in $2.1 billion deal

HSBC will sell its Singapore life and health insurance business to Allianz. This deal is valued at S$2.7 billion and is expected to close in early 2027. The sale will help HSBC simplify its operations and focus on core markets. Allianz gains a significant expansion opportunity in Singapore's regulated market. HSBC will continue distributing insurance products through a 15-year bancassurance agreement.