HSBC sells Singapore life and health insurance unit to Allianz for $2.1bn

(Sharecast News) - HSBC on Friday said it had agreed to sell its Singapore life and health insurance business to Allianz for $2.1bn in cash.

The transaction, expected to close in the first half of next year, includes a 15-year distribution partnership that allows HSBC to offer Allianz products.

HSBC added that the disposal was expected to generate a pre-tax gain of $1.8bn and estimated up to 15 basis-point increase to its common equity tier one capital ratio.

Reporting by Frank Prenesti for Sharecast.com