Saturday, January 20, 2018

Singapore Life to buy Zurich Life Singapore portfolio

Singapore Life, the newest life insurer in the city-state, is set to acquire the business portfolio of Zurich Life Singapore, the two firms have announced.

According to their agreement, Singapore Life will take charge with all of Zurich Life Singapore’s customers’ policies, which total approximately S$6 billion (US$4.5 billion) of coverage for life, critical illness and disability benefits.

The announcement comes after Zurich Life Singapore announced a halt to new business in December 2015.

Zurich’s other life and commercial insurance businesses in Singapore will not be affected by the move.

These include Zurich International Life, a direct life insurer, and Zurich Insurance, which operates as the Asian commercial insurance business for the Zurich Insurance Group.

All of Zurich Life Singapore’s policies are expected to be completely transferred during the first half of the year, once confirmation is given by the High Court.

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