China Taiping Insurance Singapore (CTPIS) yesterday inaugurated its life insurance business in Singapore. It also introduced its first two life insurance products that were launched on 2 January.
The inauguration of CTPIS's life insurance business is a strategic milestone for the company as it expands its business by becoming a composite insurer to serve growing demand for high quality protection and wealth management solutions in the city state, the company said in a media release.
CTPIS is originated from Tai Ping Insurance Singapore Branch, which was established in Singapore in 1938. The company's parent company, China Taiping Insurance Group, is a state-owned financial and insurance group headquartered in Hong Kong and and administered by the central government.
"The launch of our life insurance business in Singapore is part of the group's broader vision to build an international and state-of-the-art financial insurance group with global competitiveness," said CTPIS's General Manager Mr Yang Yamei.
He said the expansion into the life insurance business is to widen CTPIS's service offerings to its clients and to achieve the group's strategic objectives, which include diversifying the revenue and income streams, and achieving growth beyond the existing markets.
In August 2018, CTPIS received its licence as a composite insurer from the Monetary Authority of Singapore to carry on life business in Singapore. This was announced during the group's celebrations of the 80th anniversary of the establishment of the Singapore unit. CTPIS, together with China Taiping Insurance Group, then also announced collaboration to boost trade, economic and financial cooperation between Singapore and China. For example, the insurer will explore the possibility of a joint venture in China with Singapore's Raffles Medical Group to offer a range of medical and healthcare insurance products, as well as healthcare management services.