- AXA becomes #4 Employee Benefits provider in Singapore
- HSBC will distribute AXA’s Employee Benefits solutions
- Completion of the transaction is expected in the second half of 2013
AXA Singapore and HSBC have today entered into a conditional sale and purchase agreement where AXA will acquire the bank’s Employee Benefits business in Singapore.
As part of the agreement, HSBC will also distribute AXA’s Employee Benefits solutions under a 10-year bancassurance arrangement.
This acquisition furthers ties the business between AXA and HSBC after they commenced a long-term partnership in Property & Casualty business across Asia in the second half of 2012.
AXA’s Employee Benefits client base will grow by some 28 per cent with the integration of this newly acquired business in the Employee Benefits sector.
CEO of AXA Life Singapore, Mr Glenn Williams said, “For AXA Singapore, this partnership translates into a doubling of our Employee Benefits business in terms of Gross Written Premiums and a portfolio expansion of 28 per cent by clients. This combined portfolio makes us the 4th largest Employee Benefits solutions provider in Singapore.”
CEO of AXA Insurance Singapore, Doina Palici-Chehab said, “Through this acquisition AXA will enhance its market position and will be able to respond even better to the needs of our existing and future clients. The Employee Benefits protection will be sold through the intermediary networks of both the Life and General Insurance entities and we will put together our strengths to become a trusted advisor and protector to our intermediaries and clients”.
All of HSBC’s Employee Benefits staff will be offered positions at AXA.
The completion of the transaction is subject to regulatory approvals and is expected in the second half of 2013.
About Employee Benefits
AXA’s Employee Benefits solutions comprise up to 15 insurance-based products in various combinations selected by corporate customers.The more 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.
ABOUT THE AXA GROUP
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.
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