Prime Highlight
- HSBC has begun a strategic review of HSBC Life (Singapore) to assess future options as part of a broader effort to simplify operations and drive long-term growth.
- The bank reaffirmed Singapore as a priority market, with continued focus on expanding wealth management and wholesale banking in the country.
Key Facts
- The review covers all options for HSBC Life (Singapore), which offers life, health, personal accident, and savings insurance, though no decisions have been made yet.
- The move is part of a simplification programme led by CEO Georges Elhedery, who took office in September 2024.
Background
HSBC has begun a strategic review of its insurance business in Singapore as part of its broader effort to simplify operations and focus on long-term growth. The UK-based banking group said on Friday that the review will assess all options for HSBC Life (Singapore), though no decisions have been taken so far.
HSBC Life (Singapore) provides a range of products, including life, health, personal accident, and savings insurance. The bank said the review aims to ensure the business remains well-positioned as HSBC sharpens its focus on areas where it sees strong growth potential and clear competitive strengths.
In a statement, HSBC stressed that Singapore remains a priority market for the group. It said it continues to accelerate growth in wealth management and wholesale banking in the country, reflecting its confidence in Singapore’s role as a regional financial hub.
The review forms part of a wider simplification programme introduced by Chief Executive Georges Elhedery, who took over the top role in September 2024. Since then, the bank has been working to streamline its global structure, improve efficiency and better serve clients in key markets.
HSBC said it is focusing on building leadership and growing market share in areas where it is already strong. By putting more resources into its best-performing businesses, the bank aims to achieve steady growth and better returns over time.
The lender has been reshaping its global footprint in recent years, with a clear emphasis on expanding in Asia and the Middle East. Earlier in 2025, HSBC announced plans to wind down parts of its mergers and acquisitions advisory and some equities operations in the Americas and Europe.
HSBC said the Singapore insurance review reflects a disciplined and forward-looking approach. The bank added that it remains committed to supporting customers and employees while aligning its business portfolio with future growth opportunities.
