HSBC Unit to Sell Insurance Businesses In Singapore to AXA Life
04/03/2013| 04:50am US/Eastern
LONDON--Financial services company HSBC Holdings PLC (>> HSBC Holdings plc) Wednesday said unit HSBC Insurance (Singapore) Pte. Limited has entered into an agreement to sell its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore Private Limited.
MAIN FACTS:
-Gross asset value of these portfolios was 23.5 million singapore dollar ($19.3 million) at Dec. 31, 2012.
-Hongkong and Shanghai Banking Corporation Limited, a subsidiary of HSBC Holdings, has extended its existing exclusive 10-year bancassurance agreement with AXA Asia SAS and AXA General Insurance Hong Kong Limited, which relates to general insurance products, to include the distribution of group term life and group medical insurance products to the Bank's customers in Singapore.
-AXA Singapore and AXA Insurance Singapore Pte Limited will pay commissions on product sales to the Bank.
-Transaction is subject to regulatory approval and is expected to complete within this year.
-Shares of HSBC Holdings at 0832 GMT down 3 pence, or 0.5%, at 708 pence.