SINGAPORE, Aug 26 (Bernama-BUSINESS WIRE) — Therecent agreement to acquire AXA Insurance Pte Ltd (AXA Singapore) by HSBC Insurance (Asia-Pacific) Holdings Ltd (HSBC Insurance) demonstrates the continued growth potential of Singapore’s life insurance segment, according to a new AM Best commentary.
In its new Best’s Commentary, “HSBC’s Acquisition of AXA Singapore Highlights Singapore Life Insurance Growth Prospects,” AM Best states that demand for long-term financial planning and health protection is continuing to support Singapore’s life insurance market prospects. The HSBC Insurance-AXA Singapore deal takes place at a time when the Singapore life market has seen a strong rebound in weighted new business premiums recorded in the first half of 2021. In addition, recent and future life insurance growth is expected to be supported by the city-state’s attractiveness as a home for affluent and high net worth individuals.