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Singapore’s newest life insurer Singapore Life Pte. Ltd. (Singapore Life) and Zurich Life Insurance (Singapore) Pte. Ltd. (Zurich Life Singapore) have announced an agreement for Singapore Life to acquire the business portfolio of Zurich Life Singapore.
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, including Zurich International Life Limited (Singapore Branch) and Zurich Insurance Company Ltd. (Singapore Branch). The transfer of all Zurich Life Singapore’s policies to Singapore Life is expected to be completed in the first half of 2018, subject to confirmation by the High Court in Singapore.
Under this agreement, Singapore Life will become responsible for...