HSBC has initiated a strategic review of its insurance manufacturing arm in Singapore, HSBC Life (Singapore) Pte Ltd, as part of a wider global simplification programme under Chief Executive Georges Elhedery. HSBC emphasized that Singapore "remains a priority market" and that it will continue to offer insurance products there, with further announcements to follow "if there are material developments." In Singapore, HSBC expanded its insurance footprint with the acquisition of AXA Singapore in 2022 for US$529 million, a recent investment now being reassessed in the context of the bank's strategic focus. By limiting the review to the manufacturing unit, HSBC preserves its ability to distribute life products through its wealth channels and to continue building wealth and wholesale banking franchises in Asia. Singapore's role as a regional wealth hub gives HSBC an incentive to keep distribution and client-facing capabilities while reassessing the capital-heavy parts of insurance manufacturing.

Source: Economic Times January 16, 2026 14:00 UTC