AXA is selling its insurance activities in Singapore to the British bank HSBC for an amount of 487 million EUR (575 million USD). This sale is part of the French insurer's strategy to simplify its activities.
The transaction is likely to have a negative impact on the group's 2021 net result of about 160 million EUR (188.7 million USD). The deal, which is expected to be finalized during Q4 2021, is still pending the approval of the competent authorities.
AXA Singapore provides life, savings, health and property-casualty insurance products to nearly one million clients. The company is ranked 8th among local life insurers with a 2% market share. In non-life, the French group occupies the 5th position with a 4% market share. In 2020, the Singaporean subsidiary posted a turnover of 579 million EUR (682.8 million USD).
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