--- title: "HSBC plans to sell its insurance business in Singapore, with Allianz, Dai-ichi Life, and Sumitomo shortlisted for bidding | Lianhe Zaobao" type: "News" locale: "en" url: "https://longbridge.com/en/news/283623788.md" description: "HSBC HOLDINGS is selling its insurance business in Singapore, with potential buyers including Allianz, Dai-ichi Life, and Sumitomo Life. The three companies are working with advisory teams and plan to submit binding bids in the coming weeks, with a valuation of up to $2 billion. Relevant negotiations are still ongoing, and no final decision has been made. HSBC emphasized Singapore's key position in its strategy and continues to commit to making it a hub for international wealth management and wholesale banking" datetime: "2026-04-22T08:27:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283623788.md) - [en](https://longbridge.com/en/news/283623788.md) - [zh-HK](https://longbridge.com/zh-HK/news/283623788.md) --- # HSBC plans to sell its insurance business in Singapore, with Allianz, Dai-ichi Life, and Sumitomo shortlisted for bidding | Lianhe Zaobao According to informed sources, HSBC HOLDINGS has narrowed down the list of potential buyers for its Singapore insurance business to three insurance giants, including Allianz, Daiichi Life, and Sumitomo Life Insurance. Bloomberg cited sources indicating that these three companies are currently working with advisory teams to prepare binding bids for the acquisition of HSBC Life Singapore in the coming weeks. HSBC is reportedly seeking a valuation of up to approximately USD 2 billion (around SGD 2.5 billion). Informed sources stated that discussions are still ongoing, and no final decision has been made. Among them, Sumitomo Life Insurance is participating in the bidding through Singlife. There have also been reports that insurance companies such as Sun Life Financial and Nippon Life Insurance have expressed interest in the asset. An HSBC spokesperson indicated that the bank's Singapore insurance business is still undergoing a strategic review and emphasized that the group remains committed to making Singapore a hub for international wealth management and wholesale banking. The spokesperson pointed out that Singapore holds a key position in the group's strategy and is a focus market for future investment and growth. HSBC initiated a review of the relevant insurance business in January this year, at which time it indicated that Singapore is one of its major markets. Four years ago, under the leadership of former CEO Noel Quinn, the group acquired AXA Singapore for USD 529 million (approximately SGD 673 million) to expand its local insurance footprint. #### Further Reading Allianz and Sun Life Financial reportedly considering acquisition of HSBC's Singapore insurance business \[HSBC launches strategic assessment of local insurance business, may explore sale but no decision made yet !\[\](https://dss0.zbstatic5.com/s3fs-public/styles/article\_small\_crop/public/articles/2026/01/16/2026-01-12T065045Z1834407711RC2LWIAO1PA0RTRMADP3HSBC-EMIRATES\_0.JPG? Since taking office in September 2024, current CEO Georges Elhedery has pushed for a reduction in management levels, staff, and certain businesses. Since he took the helm, HSBC's stock price has doubled in Hong Kong. The Singapore life insurance market has seen frequent transactions in recent years. Sumitomo Life Insurance acquired Singlife in 2024 from shareholders including private equity firm TPG. Singlife merged with Aviva Singapore in 2020. Allianz offered €1.5 billion (approximately SGD 2.2 billion) in 2024 to acquire at least 51% of Singapore insurance company Income Insurance, but this transaction raised controversy and concerns among industry professionals and the public, ultimately being halted by the government due to the existing transaction structure and terms not aligning with public interest. Dai-ichi Life Group has been evaluating opportunities to enter the Singapore and other ASEAN markets ### Related Stocks - [00005.HK](https://longbridge.com/en/quote/00005.HK.md) - [HSBC.US](https://longbridge.com/en/quote/HSBC.US.md) - [ALV.DE](https://longbridge.com/en/quote/ALV.DE.md) - [8750.JP](https://longbridge.com/en/quote/8750.JP.md) - [SLF.US](https://longbridge.com/en/quote/SLF.US.md) - [AXAHY.US](https://longbridge.com/en/quote/AXAHY.US.md) - [TPG.US](https://longbridge.com/en/quote/TPG.US.md) - [AV.UK](https://longbridge.com/en/quote/AV.UK.md) - [DTIW.SG](https://longbridge.com/en/quote/DTIW.SG.md) - [HSBA.UK](https://longbridge.com/en/quote/HSBA.UK.md) - [ALIZY.US](https://longbridge.com/en/quote/ALIZY.US.md) - [AVVIY.US](https://longbridge.com/en/quote/AVVIY.US.md) ## Related News & Research - [HSBC Appoints Chief Investment Officer](https://longbridge.com/en/news/283622514.md) - [HSBC pilot, CredShields deal boost Canton (CC) outlook](https://longbridge.com/en/news/282987321.md) - [HSBC (NYSE:HSBC) Downgraded by BNP Paribas Exane to "Neutral"](https://longbridge.com/en/news/282693194.md) - [HSBC hires JP Morgan executive as global precious metals sales lead, sources say](https://longbridge.com/en/news/283539136.md) - [Sumitomo Heavy Industries Process Equipment distillation system wins Japan energy-saving subsidy eligibility](https://longbridge.com/en/news/283743877.md)