HSBC Holdings PLC (LSE:HSBA) has offloaded its Singapore life and health insurance business to Germany's Allianz for US$2.1 billion (£1.6 billion), as part of the bank's ongoing simplification programme. The disposal of HSBC Life Singapore is expected to generate a pre-tax gain of US$1.8 billion and add up to 15 basis points to the group's common equity tier one capital ratio.
HSBC and Allianz will enter into an exclusive 15-year bancassurance partnership on completion of the deal that would allow HSBC to continue distributing insurance products to its Singapore customers.
HSBC has agreed to sell its life and health insurance business in Singapore to Allianz for S$2.7 billion ($2.1 billion), as it trims non-core operations and focuses on its Asian wealth and wholesale banking operations.
MINNEAPOLIS--(BUSINESS WIRE)--After decades of saving, many Americans struggle with the idea of actually spending their retirement savings, according to the 2026 Annual Retirement Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life). Seven in 10 (71%) working Americans say they anticipate being reluctant to spend mon...
Allianz is planning to cut hundreds of jobs as it focuses on implementing artificial intelligence, Bloomberg News reported Wednesday (July 8), citing comments from CEO Tomas Kunzmann. The layoffs will target the German financial services company's assistance and travel arm Allianz Partners, the report said.
Allianz's travel insurance division will cut up to 1,800 jobs due to the growing use of AI, said Tomas Kunzmann, CEO of Allianz Partners, on Tuesday evening, confirming an earlier Reuters report.