Singapore Life Ltd and
Zurich Life Singapore have entered an agreement that will see the former gain control of the latter’s Singapore business portfolio.
As part of the agreement, Singapore Life will become responsible for the insurance policies of all of Zurich Life’s Singapore customers. This represents a total of SGD$6 billion of coverage in life, critical illness, and disability insurance policies.
The Singapore High Court is expected to confirm the transfer within the first half of 2018.
The agreement comes after Zurich Life Singapore ceased to accept new business in December 2015. It will not affect Zurich’s other life and general insurance businesses in Singapore.
Singapore Life said that all policyholders transferring from Zurich will keep their policies’ existing terms and conditions and will enjoy the same service level as existing Singapore Life customers – including 24/7 access to their policies online. All existing relationships between customers and financial advisers will also remain 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,” said Singapore Life CEO Walter de Oude, adding that Singapore Life will continue to look for more acquisitions in the future.
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