HSBC sells Singapore insurance unit to AXA Life

UK financial major HSBC Holdings plc (LON:HSBA) said Wednesday that fully-controlled unit HSBC Insurance (Singapore) Pte Ltd had inked an accord to sell its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore Private Ltd for an undisclosed amount.

The deal, which has yet to be cleared by regulators, is seen to be wrapped up by the end of the year.

The sale of the portfolios, whose gross asset value amounted to SGD23.5m (USD19m/EUR14.8m) as at 31 December 2012, is a step ahead in the implementation of the group’s strategy, HSBC said.

AXA Life Insurance Singapore is part of French insurance and asset management group AXA SA (EPA:CS).