Banking titan HSBC's sale of peripheral parts of its operations has continued with the sale of its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico.The businesses, jointly owned with HSBC's 62% owned subsidiary Hang Seng Bank, have been sold to French insurance giant AXA and Australian firm QBE Insurance Group, with the former taking the general insurance portfolios for Hong Kong, Singapore and Mexico, while QBE is scooping up the rest.The gross assets to be sold by HSBC were valued at $1,228m at the end of 2011 and had a net asset value (NAV) of $237m. The assets being sold to AXA had an end-2011 valuation of $444m (NAV: $48m), while the job lot being purchased by QBE was valued at $784m ($189m).The aggregate cash consideration payable by AXA and QBE for the acquisitions of the general insurance businesses is in the region of $914m, with AXA stumping up $494m and QBE $420m.Both companies have signed 10-year agreements to sell general insurance products distributed by HSBC Group companies and Hang Seng Bank to retail banking customers in Hong Kong and mainland China, Singapore, India, Indonesia, Mexico and Argentina.AXA will become the exclusive provider of general insurance products distributed by HSBC Group companies to customers in Hong Kong and Mainland China (other than customers of Hang Seng Bank and HSBC's Chinese Rural Banks), Singapore, India and Indonesia (other than customers of PT Bank Ekonomi Raharja) and of property and casualty products distributed by HSBC Group companies to customers in Mexico. Under similar arrangements, QBE will become the exclusive provider of general insurance products distributed by HSBC Group companies to customers in Argentina and by Hang Seng Bank to customers in Hong Kong and Mainland China. Stuart Gulliver, Chief Executive of HSBC Group, said the new arrangements would enable the group to focus its capital and resources on the growth of its core businesses, including the ramping up of its broader wealth management capabilities.Under the 10-year "bancassurance" arrangements AXA and QBE will pay commissions on product sales and may make profit-related payments, to HSBC Group companies and Hang Seng Bank.jh