HSBC Holdings has whittled down the bidding list for HSBC Life Singapore to Allianz SE, Daiichi Life Group and Sumitomo Life Insurance, according to reports.
Initially reported in Bloomberg, the financial services group could be seeking a valuation of up to $2bn for the business.
Meida reports added that talks are continuing and no final decision has been made, but the shortlisted firms are understood to be working with advisers to prepare binding bids.
HSBC started a strategic review of its insurance business in Singapore earlier this year, covering HSBC Life Singapore as well as its insurance manufacturing business.
HSBC said at the time that Singapore was a priority market for the group, however Group CEO Georges Elhedery is embarking on a restructuring push to reduce complexity within the organisation. Accordingly, HSBC last year sold its life businesses in France and the UK last year to Matmut Société d’Assurance Mutuelle and Chesnara respectively.
HSBC Life reported $3.2bn of insurance revenue in 2025.