AXA Singapore sold to banking giant HSBC for $529m

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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