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HSBC Insurance Offloads Two Portfolios To AXA Singapore
HSBC Insurance, the wholly-owned insurance arm of HSBC Holdings, is selling its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore.
In a statement, the firm said it is extending its exclusive 10-year bancassurance deal with AXA Asia SAS and AXA General Insurance Hong Kong, which provides general insurance products. AXA Singapore and AXA Insurance Singapore will pay commissions on product sales to the HSBC.
The portfolios to be sold have a gross asset value of S$23.5 million ($19.3 million) as of 31 December 2012.
The deal is still subject to regulatory approval.
