BankBazaar Singapore – January 8, 2018
SINGAPORE: Singapore Life has announced plans to buy the local business portfolio of the Swiss multi-line insurer Zurich Life, which includes policies worth about S$6 billion in coverage.
The deal, expected to be completed in the first half of this year, could potentially boost Singapore Life’s business and help it compete with other major insurers in the country. The company is a new entrant to the market, having received the licence just last year.
In a statement, Walter de Oude, CEO of Singapore Life, indicated that the decision to purchase Zurich Life’s business was in line with the company’s strategy to strengthen its presence in the city-state.
Zurich Life’s customers who will be transferred to Singapore Life will be able to continue under the terms and conditions that they had signed up for. They shall receive more information regarding this directly from the company.
The latest development follows Zurich Life’s decision to close new business in 2015. The company had reportedly incurred heavy losses after the 2015 explosions at the port of Tianjin in China. It was also forced to give up a bid for the UK-based RSA Insurance following weakness in the general insurance business.
Zurich Life has made it clear that the deal with Singapore Life will not impact its other commercial or life insurance operations in the country. David Kneale, CEO of Zurich Life Singapore, said that the decision to enter into the deal was in line with their efforts to optimize operations.