AXA takes over HSBC Singapore General Insurance

In a statement, the company said taking on the AXA brand, HSBC General Insurance policies will now be serviced by AXA.

In addition, HSBC Singapore will exclusively distribute AXA General Insurance products under a 10-year bancassurance agreement.

This brings AXAs bank distribution agreements in Singapore to a total strength of six.

The integration will expand AXAs multi-distribution platform to a 700-strong network of insurance professionals, distributors and online motor and travel portals.

AXA Insurance Singapore Chief Executive Officer Chua Kim Soon said: Our ambition is to be the No. 1 General Insurance company in Singapore and the integration of HSBCs General Insurance business is a step towards this goal.

"With a larger customer base, we now touch the lives of more than half a million individuals and corporate customers in Singapore.

"Our business has also increased in size with our combined premiums higher by 22.7 per cent to S$379 million on a pro forma basis at end-Fiscal Year 2011. We have offered all HSBC Insurance staff handling the General Insurance business roles in the AXA family, and we will work closely together to become the preferred General Insurance brand for the people in Singapore."

Terence Tan, who was previously HSBCs Head of General Insurance and now Chief Development Officer at AXA said, We have been working hard on this integration and have conducted joint training sessions to align teams ethos, sales processes and backroom support activities. From Day 1 (of integrated operations), we aim to serve all our customers with the best talent pool possible.

On March 7, 2012, AXA and HSBC jointly announced an agreement under which AXA would acquire HSBCs General Insurance businesses in Singapore, Hong Kong, and Mexico.