Staff concerns mount as AXA Singapore to exit motor, general insurance business

AXA Singapore's operations are to be merged with the existing HSBC Life Singapore business in the second half of this year. PHOTO: TM FILE
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SINGAPORE - AXA Singapore will be exiting the motor and commercial insurance business after being acquired by an indirectly owned subsidiary of HSBC earlier this month.

According to sources, AXA Insurance’s general insurance arm will go into run-off prior to its operations being folded into HSBC’s existing HSBC Life Singapore business. A run-off is the complete cessation of writing new and renewal insurance policies while managing existing policy obligations.

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