HSBC enters life assurance distribution agreement with Allianz

HSBC has entered into a 10-year agreement with Allianz Singapore's branch that enable it to distribute insurance products in Asia.

Under the agreement, $100.5m in cash will be paid by Allianz to be the exclusive provider of life insurance products sold by HSBC companies to customers in Taiwan, Indonesia and Malaysia.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

HSBC Life, a wholly-owned life insurance subsidiary of the Hongkong and Shanghai Banking Corporation, has also entered into a sale and purchase agreement to sell the majority of the assets and liabilities of the Taiwan branch of HSBC Life to Allianz Taiwan Life Insurance Company for $18m in cash.

The agreements are expected to be completed no later than the first half of 2013.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.