AXA has completed the sale of AXA Singapore to HSBC Insurance (Asia-Pacific) Holdings, for a total cash consideration of US$529 million (SG$711 million).

This concludes the sales transaction between the French multinational insurer and the London-headquartered global financial group, which was first announced in August.

HSBC previously said that the Singaporean market is “strategically important” to its goal of growing it insurance operations, particularly in Asia. AXA Singapore is the eighth-largest life insurance provider in Singapore, as well as the fifth-largest P&C player.

As of Dec. 31, 2020, AXA Singapore had net assets of US$474 million, annualised premiums of US$85 million and GWP of US$739 million.

The deal creates the seventh-largest life insurer and fourth-largest retail health insurer in Singapore, with over 600,000 in-force policies across the life, health and P&C business lines. HSBC intends to merge AXA Singapore with its existing insurance business.

The transaction does not include operations in Singapore related to AXA XL, AXA France, AXA Partners, MAXIS and AXA Global Healthcare.