Allianz to pay 5.8x net asset value for HSBC Life

The Edge Singapore

07/24

Allianz is likely to pay around 5.8x net asset value (NAV) and 23x earnings for HSBC Life compared to 1.37x NAV and more than 70x earnings for Income Insurance. Photo credit Bloomberg Allianz has ...

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Photo credit Bloomberg Allianz has ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/ma/allianz-pay-58x-net-asset-value-hsbc-life?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">网页链接</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Allianz to pay 5.8x net asset value for HSBC Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAllianz to pay 5.8x net asset value for HSBC Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-24 12:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/ma/allianz-pay-58x-net-asset-value-hsbc-life?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>The Edge Singapore </strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Allianz is likely to pay around 5.8x net asset value (NAV) and 23x earnings for HSBC Life compared to 1.37x NAV and more than 70x earnings for Income Insurance.  Photo credit Bloomberg Allianz has ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/ma/allianz-pay-58x-net-asset-value-hsbc-life?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HSBA.UK","symbol_name":"汇丰控股有限公司","start_time":0,"source_url":"https://www.theedgesingapore.com/news/ma/allianz-pay-58x-net-asset-value-hsbc-life?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2654058188","we_media_id":null,"thumbnails":[],"rights":{"source":"edge_highlight","url":"https://www.theedgesingapore.com/news/ma/allianz-pay-58x-net-asset-value-hsbc-life?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2654058188","pubTimestamp":1784866651,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"Allianz is likely to pay around 5.8x net asset value (NAV) and 23x earnings for HSBC Life compared to 1.37x NAV and more than 70x earnings for Income Insurance.  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Photo credit Bloomberg Allianz has agreed to pay $2.7 billion for 100% of HSBC Life which works out at around 5.8x the latter's shareholders' funds of $460.7 million, and around 23.1x earnings based on HSBC Life's 2025 annual report. Altogether, Allianz will be paying $2.9 billion with a further $200 million for a distribution agreement with HSBC Singapore.\nIn 2024, Allianz offered to pay $40.58 per share for a 51% stake in Income Insurance. At the time, based on Income's FY2023 annual report, its NAV per share was $29.55. The total amount would have been around $2.2 billion for 51%. The transaction included an extraction of $1.8 billion over three years via a capital reduction exercise in a \"planned capital optimisation\". As at end-Dec 2023, Income Insurance's shareholders' funds stood at $3.17 billion, and its tier-1 capital was at $2.7 billion based on data available. As at end-2025, Income's shareholders' funds stood at $3.5 billion. In FY2023, Income's net profit was $60.4 million which would have translated into a price-to-earnings ratio of 71.4 times, compared to cheaper multiples for HSBC Life.\nNeither HSBC Life nor Income discloses their embedded values or comprehensive equity, the valuation metric under IFRS 17. Great Eastern Holdings along with AIA and Prudential report both embedded value and comprehensive equity numbers.  Great Eastern reports its 1HFY2026 results on July 31.\nCompletion of the Allianz-HSBC Life transaction is expected in the first half of 2027 subject to regulatory approval. The disposal is expected to generate a pre-tax gain of US$1.8 billion and an estimated up to 15bps increase in the group's CET1 ratio for HSBC. The disposal would not be subject to tax.\nOn completion, HSBC and Allianz will enter an exclusive 15-year bancassurance distribution agreement, under which HSBC will continue to distribute insurance products to its customers in Singapore. On entering the distribution agreement, HSBC will receive the $200 million initial lump sum cash payment.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}