New insurer acquires Zurich Life

SINGAPORE’S newest life insurer Singapore Life is acquiring the business portfolio of Zurich Life Singapore, the two firms have officially stated.

In accordance with the agreement, Singapore Life will become responsible for all of Zurich Life Singapore’s customers’ policies, totalling approximately SGD6 billion of coverage for life, critical illness and disability benefits.

This 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.

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 chief executive officer Walter de Oude said to The Business Times: “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.”