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.

The agreement also covers mainland China, Australia, Sri Lanka, Brunei and the Philippines.

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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.

CM