Allianz strengthens its long-term commitment to Singapore through agreement to acquire HSBC Life Singapore and enter a new 15-year partnership with HSBC Singapore

Singapore, July 24, 2026

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 across Asia, and is expected to commence upon completion of the transaction.

The combined consideration for both agreements totals 2.0 billion euros¹. 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. 

Founded more than 130 years ago, Allianz is one of the world's leading insurers and asset managers, serving customers in nearly 70 countries. Present in Asia for more than 100 years, Allianz has established a balanced and well-diversified footprint across eight markets in both Life & Health and Property & Casualty, supporting 9 million customers.

Protecting customers is fundamental to Allianz, and it remains our highest priority. Existing policy terms, contractual obligations, and claims commitments will continue to be honoured in accordance with their terms. HSBC Life Singapore’s customers can continue to expect the same high standards of service, with minimal disruption during the transition.

Allianz recognises the important role that the employees of HSBC Life Singapore play in the ongoing success of the company. Employees will remain employed by the business under the ownership of Allianz, and we will invest in development, training and upskilling opportunities that help build a resilient and future-ready organisation.

Creating positive and lasting impact in the community is integral to our social commitment. Over the past three years, Allianz has partnered with the Singapore Disability Sports Council on the MoveNow Mentoring Programme, helping youth and para-athletes develop life skills and strengthen their readiness for future education and career opportunities. Allianz continues to promote inclusion through sport and is proud to partner with the Singapore National Paralympic Council on its inaugural Paralympic Day 2026.

Allianz is committed to building a leading integrated Wealth, Health and Protection platform, powered by AI, enabled by the most engaged employees and One Allianz propositions to deliver superior customer outcomes and sustainable value creation.

Anusha further adds:

Read the Allianz Group media release here.