Mr Surendra Rosha, Co-CEO, Asia-Pacific at HSBC, commented, “Asia’s growing middle class, high savings rate and resilient economic growth are creating huge opportunities in the region’s wealth management industry. Our acquisition of AXA Singapore significantly boosts our ability, as an Asia-centric bank, to serve the wealth and protection needs of people in this dynamic region, and to further execute on our strategy of being Asia’s leading wealth manager.”
Kee Joo Wong, CEO of HSBC Singapore, added, “This acquisition is not just about expanding our insurance capabilities in Singapore, but about building a more holistic banking and wealth management platform for both retail and corporate clients. As we integrate the two insurance operations, customers can look forward to a best-in-class offering across life insurance, healthcare, wealth and banking to meet their needs.”
AXA Singapore’s operations complement HSBC’s existing local insurance business, HSBC Insurance (Singapore). AXA Singapore’s large retail and corporate customer base, multiple distribution channels, and complementary insurance products will allow HSBC to materially scale up and diversify its insurance and wealth business in Singapore. AXA Singapore is the 8th largest life insurer in Singapore by annualised new premiums, 5th largest property and casualty (P&C) insurer by gross written premiums and a leading health player.
Combining the two businesses would make the integrated entity the 7th largest life insurer (based on annualised new premiums) and 4th largest retail GI health insurer (based on gross premiums) in Singapore.
