Singapore Life, the nation's newest life insurer, has and Zurich Life Insurance (Singapore) (Zurich Life Singapore) have announced an agreement for Singapore Life to acquire the business portfolio of Zurich Life Singapore.

According to a press statement, this agreement makes Singapore Life responsible for all Zurich Life Singapore’s customers’ policies, totalling approximately SGD6 billion of coverage for life, critical illness and disability benefits.

The transfer of policies is expected to be completed in the first half of 2018, subject to confirmation by the High Court.

All policyholders who transfer to Singapore Life 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 – including 24/7 access to their policies online. At the same time, all existing relationships between customers and their financial advisers will be maintained. Customers who are impacted will receive further information from both companies regarding the personal details of their transfer in early 2018.

The 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 (Singapore Branch) and Zurich Insurance Company (Singapore Branch).

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