AXA completes sale of insurance operations to HSBC

The business was sold for $529m.

AXA has completed the sale of its insurance business, AXA Singapore, to HSBC Insurance (Asia-Pacific) Holdings for a total cash consideration of $529m.

The sale between the French multinational insurer and the London-headquartered global was first announced in August last year.

HSBC has plans to merge AXA Singapore with its current insurance business.