HSBC’s insurance portfolio on sale

HSBC has been in contact with three Japanese non-life insurers for the sale of its insurance portfolio estimated at 1 billion USD. These insurers, MS&AD Insurance, Tokio Marine and NKSJ Holding, are examining the offer to decide whether to take part in the bid or not.
Giant AXA will probably be among the interested bidders. HSBC has been in the non-life insurance business mainly in Latin America and Asia. The company owns a portfolio estimated at 1.3 billion USD of premiums.