Singapore Life acquiring Zurich Life Singapore's business portfolio
Life insurer Singapore Life is acquiring the business portfolio of Zurich Life Singapore.
The deal announced yesterday involves Singapore Life becoming responsible for all Zurich Life Singapore's customers' policies. These total about $6 billion of coverage for life, critical illness and disability benefits.
This agreement, which follows Zurich Life Singapore's closure to new business in December 2015, will not affect any of Zurich's other life or commercial insurance businesses here.
These include Zurich International Life, a direct life insurer, and Zurich Insurance Company, which operates as the Asian commercial insurance business for the Zurich Insurance Group.
The transfer of all Zurich Life Singapore's policies to Singapore Life is expected to be completed in the first half of this year, subject to confirmation by the High Court.
Singapore Life, which became a fully licensed direct life insurer last year, describes itself as a digital insurance company that uses technology to streamline applications and claims and keep premiums low.
All Zurich Life Singapore policyholders who transfer to Singapore Life will continue to have the existing terms and conditions of their policies upheld and will get the same service level as existing Singapore Life customers.
This includes 24/7 access to their policies online.
They can also use Singapore Life's online capabilities to manage their policies - either on their own or with financial advisers.
All existing relationships between customers and their financial advisers will be maintained as well.
Customers who are affected will receive further information from Zurich Life Singapore and Singapore Life regarding the personal details of their transfer early this year.