Zurich Life sells SG business to new insurer Singapore Life

Walter de Oude, Chief Executive Officer, Singapore Life

By Mars W. Mosqueda Jr.

January 8, 2018

Singapore Life, the newest life insurance company in Singapore, is acquiring Zurich Life’s business portfolio in the city-state, the two companies said Monday.

Under this agreement, Singapore Life will become responsible for all Zurich Life Singapore’s customers’ policies, totaling approximately S$6 billion ($4.5 billion) of coverage.

Zurich Life Singapore‘s portfolio currently comprises approximately 5,000 policies covering life, critical illness, and disability benefits. The portfolio has formally been in run-off since December 2015.

Singapore Life will become responsible for all of Zurich Life Singapore’s customers’ policies when the deal is sealed in the first half of this year, subject to confirmation by Singapore’s High Court.

In a statement, Zurich said the agreement does not affect the branch operations or businesses of Zurich International Life Limited or Zurich Insurance Company Ltd in any way.

Existing international life and commercial insurance customers and distributors “will continue to enjoy the same quality of service and product choice that they have received in the past”.

Customers who are impacted will receive further information from Zurich Life Singapore and Singapore Life regarding the personal details of their transfer in early 2018.

“This decision is in line with Zurich’s strategy to optimize its portfolio and geographical footprint, and follows an extensive process to ensure that existing policyholder terms and conditions are safeguarded. Our international life customers are unaffected by this announcement,” David Kneale, Zurich Life Singapore CEO, commented.

Reg Peacock, CEO of Commercial Insurance, Singapore, stressed that even with the sale, Zurich remains fully committed to its commercial insurance business in Singapore.

“We look forward to continuing to service and protect our customers from risk in this key strategic market for Zurich in Asia Pacific,” Peacock said.

Singapore Life, which became a fully licensed direct insurance company in 2017, describes itself as a 100 percent digital life insurance provider. It is backed by Chong Sing Holdings FinTech Group and IPGL Holdings.

Also Read:

Zurich Insurance to buy ANZ’s life businesses for $2.14b

Zurich Insurance to more than double impact investments to $5b

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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