Business

AXA to sell Singapore business to HSBC for £414m

The transaction is estimated to result in a negative net income impact of €160m (£136m) in the group’ s FY21 consolidated financial statements

AXA has announced that it has entered into an agreement with HSBC to sell its Singapore business for a total cash consideration of €487m (£414m)

The transaction is estimated to result in a negative net income impact of €160m (£136m) in the group’ s FY21 consolidated financial statements.

Gordon Watson, CEO of AXA in Asia and in Africa, said: “This transaction is another step in AXA’s simplification journey. In line with the group’s strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow.

“We have in Asia a unique set of assets across established and high potential markets where we are deploying our vision, notably in health and protection, bringing high value products and services to our customers.”

He added: “I would like to thank the management team and all the employees of AXA Singapore for their strong contribution and commitment over the years and wish them every success for the future.”

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