On 3 April 2013, HSBC Insurance announced that it has agreed to sell its group term life insurance and group employee benefits insurance assets and liabilities in Singapore to AXA Life Singapore. This came after HSBC selling general insurance business to AXA and QBE earlier last year.

The Transfer will be carried out pursuant to Section 49FB of the Insurance Act and will be subject to the terms of a Scheme of Transfer between HSBC Insurance and AXA Life Singapore. This Scheme of Transfer is also subject to the confirmation of the High Court of Singapore (the “High Court”) and is expected to take effect on 1 August 2013 or such later date as HSBC Insurance and AXA Life Singapore may agree in writing and the High Court may approve.