HSBC Holdings PLC's Indirect Wholly Owned Subsidiary Announces Sale Of Life Insurance And Group Medical Insurance Portfolios In Singapore To Axa Life Insurance Singapore Private Limited


Wednesday, 3 Apr 2013 04:30am EDT 

HSBC Insurance (Singapore) Pte. Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, 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 (AXA Singapore). The gross asset value of these portfolios was approximately SGD23.5 million (approximately USD19.3 million) at December 31, 2012. The Hongkong and Shanghai Banking Corporation Limited ('the Bank'), an indirect wholly-owned subsidiary of HSBC Holdings plc, 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. The transaction is subject to regulatory approval and is expected to complete within this year. 

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