China Taiping Insurance Singapore has launched its life insurance business in the Lion City, citing the significant market for savings, retirement and protection products fuelled by increasing wealth.
China Taiping Insurance Singapore (CTPIS) on Tuesday celebrated the inauguration of life insurance business in Singapore.
The launch of CTPIS's life insurance business is a strategic milestone for the company as it expands its business by becoming a composite insurer offering both life and general insurance to serve the growing demand for high quality protection and wealth management solutions in the city state, the company said in a media release.
Global Competitiveness
According to CTPIS's General Manager Yang Yamei, the company's parent company, China Taiping Insurance Group, is a Chinese government centrally administrated state-owned financial and insurance group headquartered and listed on the Hong Kong Stock Exchange since 2000 with total assets of 600 billion yuan (S$118.9 billion). «The launch of our life insurance business in Singapore is part of the group's broader vision to build an international and state-of-the-art financial insurance group with global competitiveness,» Yang said.
CTPIS obtained its licence last August from the Monetary Authority of Singapore (MAS) as a composite insurer to engage in life insurance and general insurance business. This makes the firm one of eight composite insurers in Singapore.
