China Taiping Insurance Singapore has launched its life insurance business in the Lion City, an expansion aimed at tapping into the significant market for savings, retirement and protection products that is fuelled by the growing wealth in the Asia-Pacific region.
Owned by China's fourth largest life insurer, China Taiping's launch is a strategic milestone for the company as Singapore is ideal for the company to build a base from which to expand into neighboring countries.
"Demand for quality protection and wealth management solutions is underpinned by the strong wealth creation and rapidly aging population in Singapore. This surge in demand is attributed to the country's changing demographics. As the population increases in age, the desire for wealth accrual and retirement goes up.
"The launch of our life insurance business is timely. As a composite insurer, in addition to providing a wide range of general insurance solutions, we are now ready to provide solutions that include savings and retirement, financial protection and legacy transfer," China Taiping Insurance Singapore's general manager Yang Yamei, said in a statement.
"We will reach out to the mass affluent market via Financial Advisory Firms and banks and we will reach out to high-net-worth clients through International Brokers and Private Banks."
"We have recruited a very experienced team and we have spared no efforts to come up with competitive propositions. Our first two products - i-Save and i-Wealth Builder - are savings plans for the short to medium term. These products, which cater to the savings need of the mass affluent, will be the first of many products to come," Tay added.
China Taiping Insurance Singapore 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. The state-owned company has been working in the country for over 80 years.