China Taiping Insurance Singapore Pte Ltd ("CTPIS") today celebrated the inauguration of its Life Insurance business in Singapore with a special event-cum-press conference held at the Sofitel Singapore City Centre.
The inauguration of its Life Insurance business is a strategic milestone for the Company as it expands its business by becoming a composite insurer offering both life and general insurance with unique strengths and capabilities to serve the growing demand for high quality protection and wealth management solutions.
The Company, a state-owned enterprise with China's Ministry of Finance as its ultimate shareholder, has a track record of 80 years in Singapore.
CTPIS will leverage on its parent company, China Taiping Insurance Group Ltd (“the Group”)'s advanced digital technology including Artificial Intelligence solutions to boost productivity and improve customer service. In addition, the CTPIS Life Insurance business team is highly-experienced - led by Mr. Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore, who has more than 30 years of experience in the life insurance industry in Singapore and the region.
Mr. Tay said, “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.
"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.”
Mr. Tay added, “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.”
As the Company celebrates the launch of its Life Insurance business after its successful 80th anniversary celebration, Mr Yang Yamei, General Manager, China Taiping Insurance Singapore said, “Our new life insurance products open up another chapter in our efforts to provide comprehensive financial solutions to Singaporeans. That we are able to launch our life insurance business in a period of four months attests to the very experienced team and strong infrastructure of China Taiping Singapore.”
Mr. Yang added: “The latest developments in Singapore are part of the Group’s broader vision to build an international and state-of-the-art financial and insurance group with global competitiveness. We will continue to leverage on the support of the Group and capitalize on synergies between our networks and resources to boost productivity, accelerate growth and introduce a whole range of financial products to build safe, healthy and wealthy lives for our customers.”
i-Save and i-Wealth Builder for the mass affluent markets
Capital guaranteed, attractive returns and guaranteed acceptance- these are some of the key benefits of the first two insurance savings plans unveiled today.
The new products, which are targeted at the mass affluent markets are:
i-Save: A 3-year savings plan with a guaranteed return of 2.38% p.a upon maturity with a minimum single premium of S$20,000.
i-Wealth Builder: An 8-year savings plan providing 6 annual guaranteed cashbacks with two years premium payment. It also guarantees 100% of total premiums paid, with returns of up to 3.2% p.a., upon maturity of the policy.
These savings plans allow customers to invest first and enjoy the returns a few years later. The launch of CTPIS' new life insurance plans is timely to meet the surge in demand for such products.
CTPIS will be working closely with Financial Advisory Firms’, International Brokers and bank partners, the main sales drivers for their Life Insurance products.
For those interested to find out more about i-Save and i-Wealth Builder, more information can also be found online at http://www.sg.cntaiping.com/
About China Taiping Insurance Singapore
China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) is a leading composite insurer for both life and general insurance businesses. We originated from Tai Ping Insurance Co. Ltd Singapore Branch, which is established in Singapore since 1938. CTPIS has a financial strength rating of “A” (Excellent) and long-term issuer credit rating of “A” by the A.M. Best, and the outlook of these Credit Ratings is stable. We have been assuring our customers in Singapore with financial peace of mind for the last 80 years.
CTPIS is wholly-owned by China Taiping Insurance Holdings Company Limited, which was listed on the Hong Kong Stock Exchange in 2000, making it the first Chinese-funded insurer listed overseas. China Taiping Insurance Group Limited is a large transactional financial and insurance group with business network in Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East and Southeast Asia. The brand has gained international recognition over the years and successfully ranked in the “Global Fortune 500 Companies” in 2018.
Media Contacts:
China Taiping Insurance (Singapore) Pte Ltd
Cindy Cheng
Head, Marketing
Tel: (65) 6389 6158
cindy.cheng@sg.cntaiping.com
Stratagem Consultants Pte Ltd:
Ms. Tham Moon Yee
Tel: (65) 6227 0502
tmy@stratagemconsultants.com
Mr. Soh Tiang Keng
Tel: (65) 6227 0502
tksoh@stratagemconsultants.com
Mr. Julian Kay
Stratagem Consultants Pte Ltd:
Tel: (65) 6227 0502
julian@stratagemconsultants.com