Zurich to sell portfolio of domestic Singapore Life Insurance business
Singapore, January 8, 2018
Zurich Life Insurance (Singapore) Pte. Ltd. (“Zurich Life Singapore”) has signed an agreement to sell its business portfolio to a newly authorized life insurance company, Singapore Life Pte. Ltd. (“Singapore Life”).
The Zurich Life Singapore portfolio currently comprises approximately 5,000 policies and has formally been in run-off since December 2015.
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.
“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, said: “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.”
Once the legal process of transfer is complete, all current policyholders with Zurich Life Singapore will continue to have the existing terms and conditions of their policies upheld. They will also enjoy the same service level as existing Singapore Life customers. The transfer is expected to be completed in the first half of 2018, subject to confirmation by the High Court.
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.