HSBC is said to shortlist Allianz, Sumitomo for Singapore insurer

Published Wed, Apr 22, 2026 · 12:40 PM

[HONG KONG] HSBC Holdings has narrowed a bidding list for its Singapore insurance unit to Allianz, Daiichi Life Group and Sumitomo Life Insurance, according to sources familiar with the matter.

The shortlisted firms are working with advisers to prepare binding bids for HSBC Life Singapore in the coming weeks, the sources said, asking not to be identified because the process is private. HSBC may seek a valuation of as much as US$2 billion for the business, they said.

Talks are ongoing and no final decision has been made, the sources said. Sumitomo Life’s approach is coming through its Singlife business, they added. Other insurers, including Sun Life Financial and Nippon Life Insurance, were said to be in the frame for the unit, sources familiar with the information said previously.

A representative for HSBC said that the Singapore insurance unit is still undergoing a strategic review and that the bank is committed to Singapore as an international wealth and wholesale banking hub. Singapore is also crucial to the bank’s strategy and a key focus for investment and growth, the spokesperson added.

The insurers declined to comment.

HSBC started a review of the insurance business in January, also saying at the time that Singapore was a priority market.

HSBC completed a US$529 million acquisition of AXA Singapore four years ago, under the previous CEO Noel Quinn. His successor, Georges Elhedery, has cut management layers, jobs and businesses. HSBC’s share price has doubled in Hong Kong since Elhedery took over in September 2024.

Allianz has been seeking to expand in Singapore, but in 2024 withdrew an offer to buy a majority stake in Income Insurance for about S$2.2 billion. Daiichi Life has been considering moves in Singapore and other parts of South-east Asia, while Sumitomo Life bought Singapore Life Holdings, or Singlife, from shareholders including private equity firm TPG in 2024. BLOOMBERG