AXA Singapore has now received confirmation from the High Court to acquire HSBCâ€™s Employee Benefits business. The combined organization will operate under the brand AXA Life Insurance Singapore (AXA Life Singapore). 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 Insurance Singapore 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 1 August 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, â€œWe 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.â€
CEO of AXA Insurance Singapore, Ms. Doina Palici-Chehab said, â€œThis acquisition has enhanced AXAâ€™s position and market standing in the Employee Benefits marketplace. Now that the acquisition is fully completed, we are excited to offer an enhanced range of products which, combined with our high standards of servicing will grow AXA to a top three player in Employee Benefits in the near future.â€