Singapore Life Pte. Ltd. is to acquire the business portfolio of Zurich Life Singapore, an agreement that sees the former take responsibility for all of Zurich Life Singapore’s clients’ policies, totalling roughly SGD6 billion (US$4.5 billion).
The agreement represents coverage for life, critical illness, and disability benefits, and all policyholders that transfer to Singapore Life will have the same terms and conditions of their policies upheld, which includes 24/7 access to their policies online.
The transfer of the policies from Zurich Life Singapore to Singapore Life is expected to be completed in the first-half of 2018, subject to approval by the High Court.
Singapore Life’s Chief Executive Officer (CEO), Walter de Oude, said; “Singapore Life is thrilled to offer a new home to Zurich Life Singapore’s customers, and to continue enhancing their experience of owning insurance for many years to come. Singapore Life is built on the belief that technology will create a better kind of insurance company. Everybody needs life insurance and Singapore Life, being a digital insurer, makes it a better and easier experience.
“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. With the strong support from our shareholders, we are confident that this agreement will demonstrate Singapore Life’s aspirations for significant growth and positively contribute to Singapore’s insurance industry and beyond. We will continue to look for further acquisitions over time.”
The deal comes after Zurich Life Singapore’s closure to new business in late 2015, and doesn’t impact any other Zurich life or commercial operations in Singapore, including Zurich International Life Limited and Zurich Insurance Company Ltd.
Zurich Life Singapore’s CEO, David Kneale, commented; “This decision is in line with Zurich’s strategy to optimise its portfolio and geographical footprint, and follows an extensive process to ensure that existing policyholder terms and conditions are safeguarded. We are confident our customers will continue to enjoy a high level of service and security with Singapore Life. We remain fully committed to growing our commercial insurance business in Singapore and maintaining excellent customer service for our international life customers who are not impacted by the transfer.”