Allianz SE (ALVG.DE): Announced acquisition of HSBC Life Singapore and 15-year distribution agreement

研报英文原文证据摘录

Allianz SE (ALVG.DE): Announced acquisition of HSBC Life Singapore and 15-year distribution agreement

Equity Research

24 July 2026 | 7:41AM BST

Allianz SE (ALVG.DE): Announced acquisition of HSBC Life Singapore

and 15-year distribution agreement

Allianz has announced: 1) the acquisition of HSBC Life Singapore, and 2) that it will Andrew Baker, CFA

+44(20)7051-2074 |

enter into an exclusive 15-year distribution partnership under which Allianz will andrew.x.baker@gs.com

Goldman Sachs International

provide protection, health, retirement and wealth solutions to HSBC’s customers in

Vash Gosalia, CFA

Singapore (see here). The combined consideration for both agreements is €2bn, with +44(20)7051-0132 |

Allianz targeting a double-digit ROI over the medium term and closing expected in vash.gosalia@gs.comGoldman Sachs International

1H’27. HSBC Life Singapore has the #7 position in Singapore Life (5% market share) Alice Palumbo

and holds 1 of 7 Shield (health) licenses. The business delivered strong growth in +44(20)7051-2403alice.palumbo@gs.com|

2025 and is expected to deliver above group Life CSM growth and high single digit Goldman Sachs International

Giridharshort-term Health growth going forward, with a high cash conversion. The Ankitha | +1(332)245-7972

announcement doesn’t come as a major surprise given recent press articles (see ankitha.giridhar@gs.com Goldman Sachs India SPL

here), and is in the bolt-on category for Allianz but provides entry into a global

wealth hub with an attractive Life, Health and Wealth market (underpinned by

favourable macro fundamentals), provides growth and productivity enhancement

opportunities and diversifies Allianz’s Asia growth profile.

Financials

In 2025 HSBC Life Singapore delivered c.€1.5bn in GWP, €79mn in IFRS 17 net