Allianz to buy HSBC’s Singapore insurance unit for $2.09 billion

Logo of the German multinational insurance and financial services Allianz on top of its headquarters in the city of Madrid, Spain.Cristina Arias | Cover | Getty ImagesAllianz 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 s