Singapore Life snaps up Zurich’s portfolio
Singapore Life Ltd and Zurich Life Singapore have entered an settlement that can see the previous acquire management of the latter’s Singapore enterprise portfolio.
As a part of the settlement, Singapore Life will develop into answerable for the insurance coverage insurance policies of all of Zurich Life’s Singapore clients. This represents a complete of SGD$6 billion of protection in life, important sickness, and incapacity insurance coverage insurance policies.
The Singapore High Court is predicted to substantiate the switch throughout the first half of 2018.
The settlement comes after Zurich Life Singapore ceased to just accept new enterprise in December 2015. It is not going to have an effect on Zurich’s different life and basic insurance coverage companies in Singapore.
Singapore Life stated that every one policyholders transferring from Zurich will preserve their insurance policies’ current phrases and circumstances and can take pleasure in the identical service stage as current Singapore Life clients – together with 24/7 entry to their insurance policies on-line. All current relationships between clients and monetary advisers can even stay unchanged.
“Bringing this portfolio of customers into that of Singapore Life’s is exactly in line with our strategy to accelerate quickly in becoming a preferred Singaporean insurance company for our customers’ needs,” stated Singapore Life CEO Walter de Oude, including that Singapore Life will proceed to search for extra acquisitions sooner or later.
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