First Read: Allianz S.E "€2.0bn acquisition of HSBC Life Singapore" (Neutral)

研报英文原文证据摘录

First Read: Allianz S.E "€2.0bn acquisition of HSBC Life Singapore" (Neutral)

Global Research

24 July 2026ab

First Read

EquitiesAllianz S.E

€2.0bn acquisition of HSBC Life Singapore Germany

Insurance, Full-Line

12-month rating Neutral

Singapore acquisition is aligned with Group Strategy

Allianz has announced it is acquiring HSBC Life Singapore in a €2.0bn transaction, 12m price target €430.00

including a 15-year exclusive distribution agreement, with the deal expected to close

1H27. This is aligned with Allianz's M&A strategy, where it has consistently stated one

Price (23 Jul 2026) €424.40

area it is focused on M&A is SE Asia, and follows an unsuccessful attempt to acquire

Income Insurance in 2024 for a similar amount. In the context of group mkt cap and RIC: ALVG.DE BBG: ALV GR

earnings, this is a small transaction and we expect largely washes through, on balance, Trading data and key metrics

when considering the balance of earnings, growth and capital expenditure, although

52-wk range €426.10-334.10

we note it adds to Allianz's strategic optionality in the area.

Market cap. €164b/US$186b

Shares o/s 386m (ORD)

Acquisition price worth 1.25% of mkt cap and 5ppts of Solvency

Free float 100%

HSBC Singapore Life has a 5% market share in Singapore, is well diversified through Life

Avg. daily volume ('000) 615

and Health, and has a diversified distribution, of which 35% comes through

Bancassurance which Allianz has entered into a 15-year exclusive agreement with HSBC. Avg. daily value (m) €242.2

The strategic rationale for adding a sizeable business in a fast growing market is clear, in Common s/h equity (12/25E) €62.7b

our view. The expenditure of €2.0bn, c.1.25% of market cap, is set to impact Solvency P/BV (12/25E) 2.6x

5ppts. EPS (UBS, diluted) (EUR)

UBS Cons.