HONG KONG — HSBC Holdings PLC has approached a number of European and Japanese insurers regarding a possible sale of its global general insurance business, the South China Morning Post reported Thursday, citing unnamed people familiar with the situation.
The report said companies being approached for the sale include British insurer Prudential PLC, medical insurance provider Bupa, Allianz SE, AXA SA and Zurich, according to the people familiar with the situation.
The bank has general insurance operations in Hong Kong, Britain, France, Brazil, and Singapore, the report said, noting the business offers a range of general insurance products including policies covering medical, car, travel, property damage and marine cargo.
The report said the bank has no plans to sell its life and pension business, which is more profitable.
HSBC and the insurers named declined to comment on a possible deal, the report said.
