Singapore Life insurance firm buys out Zurich Life's business portfolio

Insurer Singapore Life has acquired Zurich Life Singapore’s business portfolio. The move does not affect any of Zurich’s other commercial insurance businesses in Singapore, such as Zurich International Life and Zurich Insurance Company, read a press statement.

It also follows Zurich Life’s closure to new business in December 2015 and will see Singapore Life being responsible for all Zurich Life Singapore’s customers’ policies. This adds up to approximately SG$6 billion of coverage for life, critical illness and disability benefits and affects around 5,000 policies. The transfer of policies is expected to be completed in the first half of 2018, subject to confirmation by the High Court.

The statement added that customers affected will continue to have the existing terms and conditions of their policies upheld and will enjoy the same service level as existing Singapore Life customers as well as facilities. This will also include existing relationships with financial advisers. Customers impacted will receive further information from Zurich Life Singapore and Singapore Life regarding the personal details of their transfer in early 2018.

“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,” Walter de Oude, CEO, Singapore Life, said.

“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. Our international life customers are unaffected by this announcement,” David Kneale, Zurich Life Singapore CEO, added.

Most recently, Singapore Life launched a brand campaign looking to anchor on the raw emotions experienced by parents when a new life is born. The campaign featured six pairs of real-life parents during the moments of a live birth and aims to remind viewers of the innate need to celebrate life and protect the people they love. It was conceptualised together with Dentsu Singapore and dentsu X and rolled out online and across different above-the-line platforms, including taxis.