HSBC Acquires AXA Insurance Singapore for $575 Million
20th August 2021 | Hong Kong
HSBC Insurance in Asia-Pacific has acquired AXA Insurance Singapore for $575 million in a key step towards HSBC’s ambition to be the leading wealth manager in Asia by 2025. AXA Insurance Singapore is the 8th largest life insurer in Singapore by annualized new premiums, the 5th largest property & casualty (P&C) insurer and a leading group health player. At the end of 2020, AXA Singapore reported profit before tax of $23 million, with $474 million net assets, $85 million annualized new premiums and $739 million gross written premium. With the acquisition, HSBC Insurance Singapore will be the 7th largest life insurer (based on annualized new premiums) and 4th largest retail health insurer (based on gross premiums) with over 600,000 policies in-force covering life, health and P&C.
“ HSBC Acquires AXA Insurance Singapore for $575 Million “
HSBC in Asia
In February 2020, HSBC combined its mass affluent, asset management, insurance and private banking businesses to create Wealth and Personal Banking. Asia generates nearly half of HSBC’s US$1.7 trillion global wealth balances and 65% of the Group’s wealth revenues. In 2020, HSBC Insurance recorded an adjusted profit before tax of US$1.4 billion globally.
On HSBC Insurance & AXA Insurance Singapore
Both businesses have complementary products across the spectrum of insurance solutions and distribution channels, while AXA Singapore provides access to a sizeable tied-agency sales force, several leading independent financial advisory firms, and a large pool of insurance policyholders and corporate relationships. This combined business will not only materially scale up HSBC’s presence in the regional insurance market, it will also provide an excellent platform for future growth.
HSBC Insurance will be the 7th largest life insurer (based on annualized new premiums) and 4th largest retail health insurer (based on gross premiums) with over 600,000 policies in-force covering life, health and P&C.
Noel Quinn, Group Chief Executive, HSBC Holdings:
“This is an important acquisition that demonstrates our ambition to grow our Wealth business across Asia. Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centred bank with global reach.
We are acquiring a good business that fits well with our existing operations, and which strengthens our status as one of Asia’s leading wealth and insurance providers.”
Nuno Matos, Chief Executive, Wealth and Personal Banking:
“This strategic investment is a key milestone for HSBC Life to materially scale up, grow and diversify our insurance and wealth business in Singapore. The proposed acquisition will immediately put us in a leading position in health and employee benefits, and accelerate our build out of a distinctive and holistic wealth and health planning business, operating beyond our branch network.
Burgeoning affluent and high net worth populations in Singapore and across Southeast Asia will drive strong demand for an array of wealth, health and insurance solutions for individuals, their families and SMEs.”
HSBC’s Asian Wealth Strategy
HSBC’s ambition is to be Asia’s leading wealth manager by 2025, opening up a world of opportunities for Asian, international and HSBC-connected clients, wherever their wealth is created, invested and managed. HSBC is investing heavily in people, technology and products in the next five years, including hiring over 5,000 client-facing wealth roles across the region.
As Asia’s leading bank across the wealth continuum of mass affluent to HNW and UHNW clients with combined wealth balances of USD810 billion, HSBC has a unique ability to serve the full range and progression of wealth needs – from first time investors through to UHNW individuals, their families and businesses.
HSBC will lead in offering a unified international banking and wealth experience by harnessing the Group’s in-house manufacturing strengths in insurance, asset management, private banking, wealth and global markets and delivering the full capabilities of our global universal bank, including HSBC Commercial Banking and Global Banking and Markets to extend their expertise and enable us to attract and deepen wealth relationships among entrepreneurs, business owners, C-suite executives and their employees. With its leading expertise and capabilities, strong Asian presence and unrivalled international connectivity, HSBC will bring the best of the Group to deliver a wealth experience which helps all our customers achieve sustainable prosperity.
HSBC:
- HSBC Private Bank Asia AUM Reaches $193 Billion, HSBC Asia AUM at $810 Billion
- HSBC Reports Profit of $8.4 Billion in 2021 1H, Global Wealth AUM at $1.7 Trillion and Asia at $810 Billion
- HSBC Hires UBS Stefan Lecher as Regional Head of Investments & Wealth Solutions APAC
- HSBC Private Bank Appoints Jackie Mau as Head of Global Private Banking for China, Target 5 Million HNWIs in China
- HSBC Private Bank Launches Online Trading Platform to 10 Markets, 20 Hours Support, $2 Million Per Trade and $10 Million Daily
- HSBC Private Bank Expands in Asia, Appoints Chris Harwood as New Market Head of ASEAN and Australia
- HSBC Appoints David Liao & Surendra Rosha as New APAC Co-CEOs, Peter Wong Retires
- HSBC & Nielsen Survey: 82% of China GBA Mainland Investors to Invest in Wealth Management Connect
- HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- HSBC, Citi and Standard Chartered to Add 6,600 Wealth & Private Banking Jobs in Asia
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
About HSBC
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2.97 trillion (30/6/21), HSBC is one of the world’s largest banking and financial services organisations.
HSBC Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Banking seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group.
HSBC Life Insurance
HSBC Life is the insurance business of the HSBC Group. We manufacture life insurance products in Hong Kong, mainland China, Singapore, India, France, UK, Malta, Mexico and Argentina. HSBC has leading insurance capabilities that meet a broad range of protection and wealth needs, including insurance coverage, education, retirement, wealth growth and legacy planning needs. Services and products are available through HSBC banking channels, selected third-parties, including financial advisers and aggregators.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
