HSBC has announced the successful completion of the legal merger between AXA Singapore and HSBC Insurance (Singapore) through a transfer arrangement. This marks the beginning of insurance operations as a unified entity under HSBC Life (Singapore) Pte Ltd.
This integration sets the stage for further expansion of HSBC’s insurance business in Singapore and allows for the broadening of its customer base in the health and wealth sectors. Importantly, existing policyholders of AXA Singapore and HSBC Insurance (Singapore) will not be affected by the transfer and rebranding process.
This milestone follows HSBC’s acquisition of AXA Singapore in August 2021, marking its first major acquisition in a decade. Wong Kee Joo, CEO of HSBC Singapore, emphasizes the significance of consolidating the insurance businesses under HSBC Life Singapore, aligning with HSBC’s ambition to become a leading wealth manager in Asia. Ho Lee Yen, CEO of HSBC Life Singapore, underscores the enhanced capabilities of HSBC Life Singapore to serve customers globally and support their evolving needs throughout their life stages.
Greg Hingston, HSBC’s CEO Global Insurance and Partnerships, highlights the strategic importance of integrating AXA Singapore into HSBC Life, enabling HSBC to offer unparalleled solutions amidst global trends like increased longevity and rising healthcare costs. This strategic move positions HSBC for substantial growth, particularly in underpenetrated markets like mainland China and India, while leveraging its global footprint to provide integrated banking and insurance solutions tailored to customers’ evolving needs.
