Singapore, 10 October 2018 - China Taiping Insurance Singapore today announced the appointment of Mr. Lance Tay as General Manager for its life insurance business.
Mr. Tay is responsible for the overall establishment and development of the life insurance business of China Taiping Insurance Singapore. The company’s life insurance business is expected to be fully operational by January 2019.
Lance has extensive experience spanning over three decades in the insurance sector across a number of markets. He has held various senior roles in Singapore and the region. Lance was previously the Chief Executive Officer of Tokio Marine Life Insurance where under his leadership, the company grew rapidly to become a tier 1 significant insurer with total assets exceeding S$5 billion.
Commenting on the appointment, Mr. Yang Yamei, General Manager, China Taiping Insurance Singapore said: “It is an honor to have Lance lead our life insurance business. Lance has a proven track record of outperforming targets throughout his successful career. With his wealth of experience, Lance can help us achieve our goal of providing one-stop comprehensive financial solutions for personal and business needs. This appointment underscores the significance of our business and our commitment to Singapore.”
China Taiping Insurance Singapore celebrates its 80th anniversary in Singapore this year. The company received its licence to carry on life insurance business in Singapore as a composite insurer from the Monetary Authority of Singapore on 27 August 2018.
About China Taiping Insurance Singapore
China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) is a leading composite insurer for both life and general insurance businesses, originated from Tai Ping Insurance Co. Ltd Singapore Branch established in Singapore since 1938. CTPIS has a financial strength rating of “A” and issuer credit rating of “a” by the A.M. Best, and the outlook of these Credit Ratings (ratings) is stable. CTPIS has been assuring our customers in Singapore with financial peace of mind for the last 80 years. Our personal insurance protection covers travel, motor, home, personal accident, hospital and domestic maid. Our business insurance includes various business operation packages, property, casualty (includes work injury compensation), bonds, engineering, marine and medical & health. CTPIS is wholly owned by China Taiping Insurance Holdings Company Limited (“CTIH”), which was listed on the Hong Kong Stock Exchange in 2000, making it the first Chinese-funded insurer listed overseas.
About China Taiping Group
China Taiping Insurance Group Limited, CTIPS’ parent, is a large transnational financial and insurance group with 500,000 employees, 24 subsidiaries, more than 2,000 business outlets and total assets of RMB 600 billion. Its business network covers Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East and Southeast Asia. In July 2018, it became one of the Fortune 500 companies. Its business scope includes life insurance, general insurance, pension insurance, reinsurance, reinsurance brokers and insurance agency, internet insurance, assets management, securities brokerage, financial lease, real estate investment, pension industry investment and other business, thus providing our clients with one-stop financial and insurance services.
Media Contact:
Cindy Cheng
Head, Marketing
China Taiping Insurance (Singapore) Pte Ltd
Tel: (65) 6389 6158
Cindy.cheng@sg.cntaiping.com