Canada’s leading life insurer is partnering with an Asian bank.
Manulife is taking a further step into the Asian market with a 15-year regional distribution deal worth at least $1.5 billion.
Taking effect on Jan. 1, 2016, the agreement with DBS Bank Ltd covers Singapore, Hong Kong, China and Indonesia and combining the Asian banking franchise with the insurance and wealth management expertise of Manulife.
The agreement will see Manulife gain exclusive access to DBS customers in four highly attractive insurance markets, which remain significantly under-insured with a sizeable insurance protection gap and underfunded retirement needs.
“This 15-year agreement builds on our existing successful relationship with DBS. It accelerates our growth in Asia, deepens and diversifies our insurance business, and gives us access to a much wider range of customers,” said Donald A. Guloien, Manulife President and Chief Executive Officer.
DBS will further strengthen its regional life insurance distribution capabilities, including its position as a leading bancassurer in Singapore, while providing its customers with a full suite of innovative and customised insurance solutions.
“We see many complementary opportunities to provide various leading protection and savings products to our customers, helping individuals and families achieve peace of mind when it comes to health coverage and retirement savings," said Domenic Fuda, Deputy Group Head of Consumer Banking & Wealth Management at DBS.
Manulife was the winner of DBS’ thorough insurance partner selection process thanks to the Canadian company’s 118-year track record in Asia, and more than six million customers across 12 markets in the region.
Manulife first established a presence in Singapore in 1898 and is the leading life insurance provider of retirement and wealth solutions in Hong Kong, where it established operations in 1897.
Taking effect on Jan. 1, 2016, the agreement with DBS Bank Ltd covers Singapore, Hong Kong, China and Indonesia and combining the Asian banking franchise with the insurance and wealth management expertise of Manulife.
The agreement will see Manulife gain exclusive access to DBS customers in four highly attractive insurance markets, which remain significantly under-insured with a sizeable insurance protection gap and underfunded retirement needs.
“This 15-year agreement builds on our existing successful relationship with DBS. It accelerates our growth in Asia, deepens and diversifies our insurance business, and gives us access to a much wider range of customers,” said Donald A. Guloien, Manulife President and Chief Executive Officer.
DBS will further strengthen its regional life insurance distribution capabilities, including its position as a leading bancassurer in Singapore, while providing its customers with a full suite of innovative and customised insurance solutions.
“We see many complementary opportunities to provide various leading protection and savings products to our customers, helping individuals and families achieve peace of mind when it comes to health coverage and retirement savings," said Domenic Fuda, Deputy Group Head of Consumer Banking & Wealth Management at DBS.
Manulife was the winner of DBS’ thorough insurance partner selection process thanks to the Canadian company’s 118-year track record in Asia, and more than six million customers across 12 markets in the region.
Manulife first established a presence in Singapore in 1898 and is the leading life insurance provider of retirement and wealth solutions in Hong Kong, where it established operations in 1897.
