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Allianz Group said on Friday it has agreed to acquire HSBC’s Singapore life insurance unit for 2.7 billion Singapore dollars ($2.09 billion), expanding the company’s footprint in Asia’s life and health insurance market.

The German insurer expects to generate a double-digit return on investment in the medium-term, and the transaction is expected to close in the first half of 2027. As part of the deal, Allianz will also enter a 15-year exclusive distribution partnership with HSBC Singapore to strengthen its ties in the region.

Friday’s announcement underscores the German insurer’s push to expand in Singapore, where the company said the market is backed by strong fundamentals, including steady economic growth and robust regulation.

Allianz aims “to support more individuals and communities even more comprehensively, with a broader product portfolio that helps protect and plan for what matters most to them,” said Renate Wagner, a member of the board of management. 

In 2025, HSBC Life Singapore generated operating profit of 80 million euros ($91 million).

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