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RETAIL INVESTMENT | Staff Reporter, Singapore

AXA Singapore completes acquisition of HSBC's employee benefits business

Staff received permanent contract offer.

In a release, AXA Singapore today announced the completion of the acquisition of HSBC’s Employee Benefits business in Singapore. Permanent contracts were offered to all HSBC Employee Benefits staff, and everyone joined the AXA Singapore team today.

The integration enables AXA to jump 2 positions to #4 Employee Benefits provider in Singapore.

As part of this acquisition, AXA Life Singapore joined an existing 10-year bancassurance agreement between AXA General Insurance and HSBC that was
signed in 2012. Under the new agreement, HSBC will continue to offer Employee Benefits solutions to their customers underwritten by AXA.

From today onwards AXA Singapore will be administering insurance cover and claims for former HSBC Employee Benefits customers.

CEO of AXA Life Singapore, Mr. Glenn Williams said, “We are happy to welcome our new colleagues onboard to AXA. Since April, we have been working on the best framework to deliver our Employee Benefit solutions to the market. We will continue to uphold our high standards of servicing, so as to maintain strong relationships with all our existing and new customers as well as distributors and business partners.” 

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