Finance
HSBC to review Singapore insurance business as its slims down globally
Published by Global Banking and Finance Review
Posted on January 16, 2026
HSBC to review Singapore insurance business as its slims down globally
HSBC's Strategic Review of Insurance Business
Jan 16 (Reuters) - HSBC said on Friday it was undertaking a strategic review of its insurance business in Singapore, as it moves to simplify its operations globally
Focus on Wealth and Wholesale Banking
The review of HSBC Life (Singapore), which offers a wide range of life, health, personal accident and savings insurance, would consider all options for the unit and no decisions had been made, it said.
Global Simplification Strategy
"Singapore is a priority market for the Group and HSBC continues to accelerate growth in wealth and wholesale banking," HSBC said in a statement.
Impact on Retail Banking Operations
The review forms part of the bank's wider simplification program ordered by Chief Executive Georges Elhedery after he took the bank's top job in September 2024.
"HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage and where it has the greatest opportunities to grow and support its clients," it said.
The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand its wealth product offerings in Asia and Middle East markets.
The bank said early in 2025 it would wind down M&A and some equities businesses in the Americas and Europe. It also sold its UK life insurance business.
It has since said it is reviewing a number of its retail banking operations in Asia, including in Australia and Indonesia, and announced in September that it would sell its Sri Lankan retail banking business to local rival Nations Trust Bank. The transaction is due to close this year.
HSBC's Hong Kong-listed shares were 2% higher in Friday morning trade, outpacing the Hang Seng Index's 0.1% gain.
(Reporting by Scott Murdoch in Sydney and Himanshi Akhand in Bengaluru; Editing by Subhranshu Sahu and Edwina Gibbs)
Frequently Asked Questions about HSBC to review Singapore insurance business as its slims down globally
1What is insurance?
Insurance is a financial arrangement that provides protection against financial loss or risk. It involves the transfer of risk from an individual or entity to an insurance company in exchange for premium payments.
2What is wealth management?
Wealth management is a comprehensive service that combines financial planning, investment management, and other financial services to help individuals grow and manage their wealth effectively.
