HSBC mulls $1b Singapore insurance exit, report says

It could be valued at over $1b.

HSBC Holdings plc is reported to have plans to sell its Singapore insurance business, according to a Bloomberg News report which cited persons familiar with the matter.

Its insurance unit, HSBC Life (Singapore) Pte is likely to be worth over $1b in a transaction, the report said.

Data from the Monetary Authority of Singapore (MAS) also showed that the insurer generated $2b in total premiums in 2024, which was a 27.5% surge from the previous year.

In a recent ranking list by Insurance Asia, the insurer ranked 7th of the top 50 insurers in Singapore.

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