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