Allianz buys HSBC’s Singapore insurance unit for $2.09 billion

German insurer Allianz has agreed to acquire HSBC’s insurance business in Singapore for $2.09 billion. The deal includes HSBC’s life and general insurance operations in the city-state. Allianz will take over the unit’s existing policies and distribution network. The transaction is expected to close in the first half of 2025, pending regulatory approval. HSBC said the sale is part of its strategy to simplify its business and focus on core banking operations. For Allianz, the purchase strengthens its presence in Asia’s fast-growing insurance market.