Re/insurer AXA has completed the sale of its insurance operations in Singapore ( AXA Singapore) to HSBC Insurance (Asia-Pacific) Holdings for a total cash consideration of $529 million.
The deal, first announced in August last year, excludes operations in Singapore related to AXA XL, AXA France, AXA Partners, MAXIS and AXA Global Healthcare.
The move is a part of the re/insurer's strategy to simplify the business, which partly involves offloading certain units.
HSBC Insurance (Asia-Pacific) Holdings is a wholly owned subsidiary of the Hongkong and Shanghai Banking Corporation Limited.
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