HSBC has agreed to sell its Singapore life and insurance business to Allianz for 2.7 billion Singapore dollars (£1.6 billion) (AFP/Getty)HSBC has agreed to sell its Singapore life and insurance business to Allianz for 2.7 billion Singapore dollars (£1.6 billion), a move that forms part of an ongoing strategic overhaul led by chief executive Georges Elhedery. Crucially, the deal includes a 15-year distribution agreement, ensuring HSBC will continue to offer insurance products to its customers across Singapore. "Singapore is crucial to HSBC's strategy and is a key focus of investment and growth for the group," HSBC said. In May, the UK-headquartered lender saw profits before tax fall to $9.4 billion (£6.96 billion), down from $9.5 billion (£7 billion) a year earlier. However, HSBC's revenue climbed 6 per cent to $18.6 billion (£13.7 billion) compared with the opening quarter of 2025.