AXA S’pore acquisition to double HSBC’s life insurance market share

AXA S’pore acquisition to double HSBC’s life insurance market share

SINGAPORE: HSBC’s recent acquisition of AXA Singapore will double its share of the local life insurance market and comes as the bank aims to sharply lift invested assets here by 2025, says a top executive.

Nuno Matos, HSBC’s chief executive of wealth and personal banking, told The Straits Times that the acquisition allows the bank to reach more clients through an agency model, compared with just bancassurance previously.