HSBC TO SELL GROUP TERM LIFE AND GROUP MED­I­CAL IN­SUR­ANCE BUSI­NESSES IN SIN­GA­PORE

Insurance - - COMPANY CORNER -

HSBC In­sur­ance (Sin­ga­pore) Pte Limited, an in­di­rect wholly-owned sub­sidiary of HSBC Hold­ings plc, 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 the port­fo­lios was ap­prox­i­mately S$23.5 mil­lion (ap­prox­i­mately MYR57.64 mil­lion) at 31 De­cem­ber 2012. The Hongkong and Shang­hai Bank­ing Cor­po­ra­tion Limited, an in­di­rect wholly-owned sub­sidiary of HSBC Hold­ings plc, 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 sale of the Sin­ga­pore group term life and group med­i­cal in­sur­ance port­fo­lios rep­re­sents fur­ther progress in the ex­e­cu­tion of the Group’s strat­egy. The trans­ac­tion is sub­ject to reg­u­la­tory ap­proval and is ex­pected to com­plete within this year.

S$1.00 = MYR2.45

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