HSBC Insurance (Singapore) Pte. Limited entered into an agreement to acquire Axa Insurance Pte Ltd. from AXA SA (ENXTPA:CS) for approximately $580 million on August 16, 2021. Axa Insurance Pte Ltd. reported net assets of $474 million and profit before tax of $23 million for the year ended December 31, 2020.

Operations in Singapore related to AXA XL, AXA France, AXA Partners, MAXIS and AXA Global Healthcare are not within the scope of this transaction. Following deal completion, which is subject to regulatory approval, the intention is to merge the operations of HSBC Life Singapore and AXA Singapore, subject to further approval by the Singapore regulator and courts. The transaction is expected to close by 4Q2021.

Lim Chong Ying, Tham Kok Leong, Eugene Ho, Daren Shiau, Elsa Chen, Catherine Neo, Tan Zhi Feng and Lim Pek Bur of Allen & Gledhill acted as legal advisors to HSBC Insurance in the deal. JP Morgan acted as financial advisor to AXA. Team led by Craig Loveless and supported by Shahin Foroughian, Anna Tipping, Dominic Stuttaford and David Olds acted as legal advisor to AXA SA.