French headquartered Axa has agreed to sell its Singapore insurance business to the HSBC banking group.
Under the terms of the agreement, Axa will sell Axa Singapore for a total cash consideration of $575m.
Gordon Watson, chief executive Asia and Africa said: "This transaction is another step in AXA's simplification journey. In line with the Group's strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow.
We have in Asia a unique set of assets across established and high potential markets where we are deploying our vision, notably in health and protection, bringing high value products and services to our customers."
The transaction is subject to closing conditions, including receipt of regulatory approvals, and is expected to close by Q4 2021.
