Manulife inks USD1.2bn Asia distribution deal with DBS GroupApril 9 2015 by InsuranceAsia News Staff
Manulife Financial Corp of Canada has inked a multi-year, USD1.2bn exclusive distribution deal with Singaporean lender DBS Group Holdings Ltd.
The industry standard 15-year contract will allow Manulife to distribute its insurance products exclusively through the different branches of DBS Group Holdings around Asia, covering Singapore, Hong Kong, China and Indonesia, the two companies said in a joint statement.
The terms of the bancassurance deal include a one-time, upfront USD1.2bn payment from Manulife to DBS, with additional performance-based payments.
It also allows DBS’ six million-strong retail, wealth and SME customer base to access the various life and health insurance solutions offered by Manulife through the bank’s over 200 branches.
The deal, which was signed on Wednesday, is the latest move by a global insurance firm seeking access to the fast growing Asia’s life insurance market.
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