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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.