The gross asset value of these portfolios was approximately SGD23.5m (approximately $19.3m) at 31 December 2012.
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The Hongkong and Shanghai Banking Corporation Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, has also extended its existing exclusive 10-year bancassurance agreement with AXA Asia SAS and AXA General Insurance Hong Kong Limited, which relates to general insurance products, to include the distribution of group term life and group medical insurance products to the bank’s customers in Singapore.
AXA Singapore and AXA Insurance Singapore Pte Limited will pay commissions on product sales to the bank.
The sale of the Singapore group term life and group medical insurance portfolios represents further progress in the execution of the group’s strategy.
The transaction, which is subjected to regulatory approval, is expected to complete within this year.
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