Singapore Life, the life insurer which started in June, boosted its market presence acquiring the business portfolio of Zurich Life in the city-state.
Singapore Life will become responsible for all policies of Zurich Life customers in the Asian country, totaling some S$6 billion, the company said in a statement on its website.
The agreement follows Zurich Life Singapore’s closure to new business in December 2015 and does not affect any of Zurich’s other life or commercial insurance businesses in Singapore. The transfer of the policies to Singapore Life is expected to be completed in the first half of 2018.
New Competitor
With a team of industry veterans, Singapore Life went live in June, making it the first new local life insurer to be licensed since 1970. The company said at its launch that expansion was in the works.
Walter de Oude, founder and chief executive of Singapore Life, told finews.asia last year that he expects the life insurance market to grow in Asia and Singapore and that he wanted to take advantage of the dynamic with his company.
