HSBC agrees to US$2 billion deal to sell Singapore insurance branch to Allianz

HSBC has agreed to sell its Singapore life and health insurance business to Allianz for S$2.7 billion (US$2.08 billion), with the deal expected to complete in the first half of 2027. The transaction is projected to generate a pre-tax gain of US$1.8 billion for HSBC and increase its common equity tier 1 ratio by up to 15 basis points.