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AXA completes acquisition of HSBC Insurance’s Employee Benefits (EB) business in Singapore

August 1, 2013 |

  • AXA’s market position improves by 2 notches to the #4 Employees Benefits provider in Singapore.
  • AXA Life Singapore joins 10 year Exclusive Distribution Agreement with HSBC to offer Employee Benefits solutions.
  • All HSBC EB staff offered full time positions with AXA.

AXA Singapore today announced the completion of the acquisition of HSBC’s Employee Benefits business in Singapore. Permanent contracts were offered to all HSBC Employee Benefits staff, and everyone joined the AXA Singapore team today. The integration enables AXA to jump 2 positions to #4 Employee Benefits provider in Singapore.

As part of this acquisition, AXA Life Singapore joined an existing 10-year bancassurance agreement between AXA General Insurance and HSBC that was signed in 2012. Under the new agreement, HSBC will continue to offer Employee Benefits solutions to their customers underwritten by AXA.

From today onwards AXA Singapore will be administering insurance cover and claims for former HSBC Employee Benefits customers.

CEO of AXA Life Singapore, Mr. Glenn Williams said, “We are happy to welcome our new colleagues onboard to AXA. Since April, we have been working on the best framework to deliver our Employee Benefit solutions to the market. We will continue to uphold our high standards of servicing, so as to maintain strong relationships with all our existing and new customers as well as distributors and business partners.”

CEO of AXA Insurance Singapore, Doina Palici-Chehab said, “This acquisition has enhanced AXA’s position and market standing in the Employee Benefits marketplace. Now that the acquisition is fully completed, we are excited to offer an enhanced range of products which, combined with our high standards of servicing will grow AXA to a top three player in Employee Benefits in the near future.”

About Employee Benefits
AXA’s Employee Benefits solutions are comprised of 15 insurance-based products in various combinations selected by corporate customers. The most common products in these packages include:

  • Group Term Life Insurance
  • Group Critical Illness Insurance
  • Group Personal Accident Insurance
  • Group Hospital and Surgical Insurance
  • Extended Major Medical Insurance
  • Group Outpatient Insurance
  • Group Dental Insurance

About AXA in Singapore
With presence as early as 1969, AXA operates Life Insurance and General Insurance entities in Singapore, offering a wide range of products, catering to the needs of individuals and companies.
AXA is the 2nd largest general insurer in Singapore and in the general insurance sector; it ranks No. 1 in Health, No. 2 in Marine Cargo and No. 3 in motor insurance.

About AXA Asia
AXA Asia is committed to become a preferred company in financial protection and wealth management. AXA Asia is part of the AXA Group, and has grown rapidly in Asia with a presence in China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore and Thailand. AXA Asia serves over 6.4 million customers and employs over 7000 employees across the region at the end of 2012.

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 102 million clients. In 2012, IFRS revenues amounted to Euro 90.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,065 billion in assets under management as of December 31, 2012.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD, and is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.

Asia PR Werkz
Tel: +65 6536 6881
86A Amoy Street
Singapore 069905

Ms Sheryl Koh
HP: +65 9151 5328
Email: Sheryl@asiaprwerkz.com

Ms T. Gayathiri
HP: +65 8201 7873
Email: Gaya@asiaprwerkz.com