QBE, PICC Property & Casualty and Tokio Marine also likely to be interested

Allianz and AXA are among the potential bidders for HSBC’s general insurance business, according to Reuters.

The news agency’s Hong Kong office has reported that QBE Insurance Group Ltd, China’s PICC Property & Casualty Co Ltd and Tokio Marine Holdings are the other companies likely to be interested in the auction, which is expected to generate $1bn (£639m) for HSBC.

Reuters said that AXA, Allianz, HSBC and QBE all declined to comment, and that PICC and Tokio Marine were not immediately available for comment.

HSBC has sent out information memorandums to potential bidders for the sale of its non-life insurance business, as part of CEO Stuart Gulliver’s $3.5bn cost cutting plan.

The first round bids auction is due in mid-October.

For more on HSBC’s insurance business, read: HSBC’s timeline of troubles.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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