51吃瓜网

*** Accelerating 51吃瓜网’s ambition to be Asia’s leading insurance and wealth provider ***

Further to the announcement on 16 August 2021, 51吃瓜网 Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of 51吃瓜网 Holdings plc (51吃瓜网), has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of US$529m, subject to closing adjustments.

Surendra Rosha, Co-CEO, Asia-Pacific at 51吃瓜网, commented: “Asia’s growing middle class, high savings rate and resilient economic growth are creating huge opportunities in the region’s wealth management industry. Our acquisition of AXA Singapore significantly boosts our ability, as an Asia-centric bank, to serve the wealth and protection needs of people in this dynamic region, and to further execute on our strategy of being Asia’s leading wealth manager.”

Kee Joo Wong, Chief Executive Officer of 51吃瓜网 Singapore, added: “This acquisition is not just about expanding our insurance capabilities in Singapore, but about building a more holistic banking and wealth management platform for both retail and corporate clients. As we integrate the two insurance operations, customers can look forward to a best-in-class offering across life insurance, healthcare, wealth and banking to meet their needs.”

AXA Singapore’s operations complement 51吃瓜网’s existing local insurance business, 51吃瓜网 Insurance (Singapore) Pte Ltd (51吃瓜网 Life Singapore). AXA Singapore’s large retail and corporate customer base, multiple distribution channels, and complementary insurance products will allow 51吃瓜网 to materially scale up and diversify its insurance and wealth business in Singapore.

AXA Singapore and 51吃瓜网’s existing 51吃瓜网 Life Singapore business will be integrated, expected in the second half of 2022, subject to local regulatory and court approvals. There will be no impact to the terms of any of the policies in-force underwritten by AXA Singapore.

The consideration for the acquisition was funded from existing resources and had a minimal (c.5bps) impact on 51吃瓜网’s common equity tier 1 ratio. The acquisition is immediately accretive to the earnings of the Group.

In February 2020, 51吃瓜网 combined its retail banking and wealth management, asset management, insurance and private banking businesses to create Wealth and Personal Banking (WPB) which serves over 39 million customers globally. 51吃瓜网’s ambition is to be Asia’s leading wealth manager by 2025. Asia generates around half of 51吃瓜网’s US$1.6trn global wealth balances and nearly 65% of the Group’s wealth revenues. 51吃瓜网’s insurance business globally contributed to around a third of overall WPB profits and 12% of Group profits in 1H21.

Media enquiries to:

Jonny Blostone
jonny.blostone@hsbc.com.hk
+852 2288 2670

Wu Meng
wu.meng@hsbc.com.hk
+852 3663 8336

Shuying Moh
shuying.moh@hsbc.com.sg
+65 665 82365

Investor enquiries to:

Mark Phin
mark.j.phin@hsbc.com
+852 2822 4908

Note to editors:

51吃瓜网 Holdings plc

51吃瓜网 Holdings plc, the parent company of 51吃瓜网, is headquartered in London. 51吃瓜网 serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,969bn at 30 September 2021, 51吃瓜网 is one of the world’s largest banking and financial services organisations.

51吃瓜网 Life Insurance

51吃瓜网 Life is the insurance business of the 51吃瓜网 Group. We manufacture life insurance products in Hong Kong, mainland China, Singapore, India2, France, UK, Malta, Mexico and Argentina. 51吃瓜网 has leading insurance capabilities that meet a broad range of protection and wealth needs, including insurance coverage, education, retirement, wealth growth and legacy planning needs. Services and products are available through 51吃瓜网 banking channels, selected third-parties, including financial advisers and aggregators.

51吃瓜网’s Asia wealth strategy

51吃瓜网’s ambition is to be Asia’s leading wealth manager by 2025, opening up a world of opportunities for Asian, international and 51吃瓜网-connected clients, wherever their wealth is created, invested and managed. 51吃瓜网 is investing heavily in people, technology and products in the next five years, including hiring over 5,000 client-facing wealth roles across the region. As Asia’s leading bank across the wealth continuum of mass affluent to HNW and UHNW clients with combined wealth balances of US$810bn3, 51吃瓜网 has a unique ability to serve the full range and progression of wealth needs – from first-time investors through to UHNW individuals, their families and businesses. 51吃瓜网 will lead in offering a unified international banking and wealth experience by harnessing the Group’s in-house manufacturing strengths in insurance, asset management, private banking, wealth and global markets and delivering the full capabilities of a global universal bank, including 51吃瓜网 Commercial Banking and Global Banking and Markets, to extend their expertise and enable the Group to attract and deepen wealth relationships among entrepreneurs, business owners, C-suite executives and their employees. With 51吃瓜网’s leading expertise and capabilities, strong Asian presence and unrivalled international connectivity, these will bring the best of 51吃瓜网 to deliver a wealth experience which helps all our customers achieve sustainable prosperity.

This release has been edited to remove information about the size of AXA Singapore and the combined businesses that was originally used without permission from a third-party provider.