SINGAPORE: HSBC said on Monday it had agreed to acquire Axa's insurance assets in Singapore for $575 million as it scales up its insurance and wealth business.

"This is an important acquisition that demonstrates our ambition to grow our wealth business across Asia. Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centred bank with global reach," Noel Quinn, Group Chief Executive of HSBC Holdings, said in a statement.

Axa Singapore had net assets of $474 million, annualized new premiums of $85 million and gross written premiums of $739 million.

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HSBC said the combined business would be the seventh-largest life insurer and the fourth-largest retail health insurer, with over 600,000 policies in-force covering life, health and property and casualty insurance.

The sale is part of Axa's moves to streamline its business in a restructuring launched by Chief Executive Thomas Buberl, a process that includes selling assets in some countries and markets to boost returns.