Of Special Interest
13th September 2011
HSBC selling non-life insurance businesses
HSBC is understood to have launched the sale of its non-life insurance businesses located in Britain, France, Hong Kong and Singapore. HSBC reported a 2010 profit of around $1bn for 2010, and this is the thought to be close to the likely purchase price. Around 40% of the non-life profit is derived from its Asia Pacific operations.
The Ping An insurance group stake is not a part of the sale.
HSBC was 'not commenting on rumour or speculation', on Monday.