HSBC has completed its purchase of Singapore-based Axa Insurance Pte Ltd for $US529 million ($741 million).

Axa Singapore is the eighth largest life insurer in Singapore by annualised new premiums and the fifth largest property and casualty insurer by gross written premium.

Operations in Singapore related to Axa XL, Axa France, Axa Partners, MAXIS and Axa Global Healthcare are not included in the transaction, which was announced in August.

“This transaction is another step in Axa’s simplification journey,” Axa CEO in Asia and Africa Gordon Watson said then. “In line with the group’s strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow.”

HSBC Singapore CEO Kee Joo Wong said on Friday that the purchase was not just about expanding the group’s insurance capabilities in Singapore, but about building “a more holistic banking and wealth management platform” for retail and corporate clients.

“As we integrate the two insurance operations, customers can look forward to a best-in-class offering across life insurance, healthcare, wealth and banking to meet their needs,” he said.

AXA Singapore had net assets of US$474m, annualised new premiums of US$85m, gross written premiums of US$739m and profit before tax of US$23m for the year ended 31 December 2020.