Germany $183 Billion Insurance & Asset Management Giant Allianz to Buy HSBC Insurance Unit in Singapore (HSBC Life Singapore) for $2.3 Billion (€2 Billion) & Forms 15-Year Exclusive Distribution in Singapore with HSBC Singapore to Provide Protection, Health, Retirement & Wealth Solutions to HSBC Customers in Singapore
24th July 2026 | Hong Kong
Germany insurance & asset management giant Allianz ($183 billion market value) has announced to buy HSBC insurance unit in Singapore (HSBC Life Singapore) for $2.3 billion (€2 billion), and forms 15-year exclusive distribution in Singapore with HSBC Singapore to provide protection, health, retirement & wealth solutions to HSBC customers in Singapore. Announcement (24/7/26): “Allianz Group (Allianz) and HSBC Holdings plc (HSBC Group), today announced that Allianz, through its wholly owned subsidiary Allianz Asia Holding Pte Ltd, has agreed to acquire HSBC Life Singapore Pte Ltd (HSBC Life Singapore), subject to regulatory approval. HSBC Life Singapore is a Singapore-incorporated and licensed composite insurer with a strong presence in Singapore’s life and health insurance market. In addition, Allianz and HSBC Bank (Singapore) Limited (HSBC Singapore) have agreed to enter a 15-year exclusive distribution partnership under which Allianz will provide protection, health, retirement and wealth solutions to HSBC’s customers in Singapore. The partnership builds on a well-established distribution relationship between Allianz and HSBC Group across Asia, and is expected to commence upon completion of the transaction. The combined consideration for both agreements totals 2.0 billion euros and Allianz expects to generate a double-digit return on investment in the mid-term. The acquisition, which advances Allianz’s strategy to grow and serve more people in Asia, is expected to close in the first half of 2027. Allianz expands in Singapore, an attractive insurance market and leading international financial hub – The transaction and the distribution agreement announced today grow Allianz’s presence and reach in the Singapore market. As a result of the proposed transaction and distribution agreement, customers in Singapore will benefit from greater access to Allianz solutions available globally, allowing them to address their protection, health, retirement and wealth needs across all life stages. The increased access of more people to such solutions plays an important role in strengthening the long-term resilience and prosperity of Singapore as a whole. Allianz’s expanded presence in Singapore strengthens its position in one of Asia’s most attractive insurance markets and leading international financial hubs. The market’s appeal is underpinned by strong fundamentals, including steady economic growth, robust and independent regulation, a large savings pool and a rapidly ageing population. Together, these drivers create structural demand for financial protection, health, retirement and wealth management solutions across all segments of society. Allianz extends its customer reach and offering in Singapore – The long-term distribution partnership with HSBC Singapore builds on more than 10 years of successful cooperation between Allianz and HSBC Group serving customers across Asia Pacific. With this partnership, Allianz gains access to HSBC Singapore’s established client relationships and thus significantly expands its customer reach in Singapore. These customers will benefit from Allianz’s proven expertise in protection and retirement solutions around the world, which are underpinned by the global asset management capabilities of PIMCO and Allianz Global Investors. HSBC Life Singapore is a diversified life and health insurer in Singapore – HSBC Life Singapore offers a range of life, savings and health protection products and benefits from a diversified distribution model that serves customers across multiple channels, including through tied agents, independent financial advisers, brokers and bancassurance. It was recognized as the #1 insurer for high net-worth individuals in Singapore by the AFFLUENTIAL™ WealthLens™ Report 2024 & 2025. HSBC Life Singapore generated an operating profit of 80 million euros in 2025 and has comprehensive equity of 1.2 billion euros.” In 2026 June, Allianz was reported to likely to win the bid to buy $2 billion HSBC Life Insurance product unit in Singapore. In 2026 March, HSBC was reported have started the sale process for HSBC life insurance product unit in Singapore for more than $1 billion, with potential interests from Germany Allianz, Canada Sun Life, Japan Dai-ichi Life Holdings & Japan Nippon Life Insurance. In 2026 February, HSBC was reported to be reviewing to sell HSBC life insurance product unit in Singapore for more than $1 billion, and to sell HSBC retail unit in Indonesia for more than $200 million. In 2024 December, Germany insurance giant Allianz cancelled the offer to buy 51% of Singapore $31 billion Income Insurance for $1.64 billion (EUR 1.5 billion, SGD 2.2 billion, SGD 40.58 per share) at $3.2 billion valuation, after Singapore Government passed the Insurance (Amendment) Bill on 16th October 2024 to allow Singapore government to block the acquisition. In 2024 October, the Singapore Government has passed the Insurance (Amendment) Bill on 16th October 2024, allowing the Singapore government to block Germany insurance & asset management giant Allianz offer to buy Singapore $31 billion Income Insurance for $1.64 billion (EUR 1.5 billion, SGD 2.2 billion) at SGD 40.58 per share (private company), with Singapore government viewing the transaction as not in public interest. The amended bill now requires offeror (buyer) to obtain prior written approval from Monetary Authority of Singapore (MAS) to obtain effective control or become substantial shareholder of a licensed insurer incorporated in Singapore (See below for parliament speech). In 2024 July, Allianz announced to buy Singapore Income Insurance for $1.64 billion (EUR 1.5 billion, SGD 2.2 billion) at SGD 40.58 per share (private company). Income Insurance has around $31 billion assets, and was previously known as NTUC Income Insurance Co-operative.
“ Germany $183 Billion Insurance & Asset Management Giant Allianz to Buy HSBC Insurance Unit in Singapore (HSBC Life Singapore) for $2.3 Billion (€2 Billion) & Forms 15-Year Exclusive Distribution in Singapore with HSBC Singapore to Provide Protection, Health, Retirement & Wealth Solutions to HSBC Customers in Singapore “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Oliver Bäte, Chief Executive Officer, Allianz SE: “Singapore serves as our Asia-Pacific headquarters and is central to our global growth strategy. Singapore is a forward-thinking, globally connected and resilient market, and is a nation that cares deeply about the well-being of its people. Allianz’s expansion in Singapore underscores our resolve to help more people meet their protection, health, retirement and wealth needs globally.”
Renate Wagner, Member of the Board of Management of Allianz SE: “As the world’s leading insurance brand, our global customer base trusts Allianz to secure their future and stand by their side. With a presence in Asia for more than a century, Allianz has served our customers as a trusted partner in Singapore for more than 25 years. With the strategic acquisition of this high-quality business, we build on that strong foundation to support more individuals and communities even more comprehensively, with a broader product portfolio that helps protect and plan for what matters most to them.”
Germany $183 Billion Insurance & Asset Management Giant Allianz to Buy HSBC Insurance Unit in Singapore (HSBC Life Singapore) for $2.3 Billion (€2 Billion) & Forms 15-Year Exclusive Distribution in Singapore with HSBC Singapore to Provide Protection, Health, Retirement & Wealth Solutions to HSBC Customers in Singapore
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
