Prudential Financial Advisers Singapore (PFA) has appointed Mr Jeff Ang as CEO. He succeeds Mr Bernard Chai, who will be retiring at the end of the year. Mr Chai will remain at PFA as an advisor till then to ensure a smooth transition.
German global insurer Allianz's proposed acquisition of a majority stake in leading Singapore insurer, Income Insurance, would clearly strengthen Allianz's business profile in Asia, a strategic area of growth for the group, says Mr Manuel Arrive, a director of insurance at Fitch Ratings.
Munich-headquartered global insurer Allianz, through its wholly-owned subsidiary, Allianz Europe (the Offeror), has announced a pre-conditional voluntary cash general offer to acquire at least 51% of the shares of one of Singapore's biggest composite insurers.
Tokio Marine Life Insurance Singapore Ltd (TMLS) has launched a financial advisory subsidiary, Tokio Marine Financial Advisers (Singapore) Private Limited (TMFAS), through which it plans to deliver a comprehensive range of financial planning and wealth management services to its clients.
Financial services agency, Terence Lau & Associates (TLA), plans to increase the size of its organisation in Singapore to meet the growing needs of the market.
AIA Singapore has appointed Mr Afees Ashroff as chief technology officer. He succeeds Mr Peter Lee.
Great Eastern has said that the close of an offer on 12 July 2024 by OCBC, one of Singapore's Big Three banks, means that while there is a change in the number of shares held by OCBC in Great Eastern, there is no change to the businesses of the insurance company.
Private insurers in Singapore are engaged in a race to the bottom as they are offering very attractive terms to encourage sign-ups and win market share, the Minister for Health, Mr Ong Ye Kung, has said.
There is good potential for the growing institutional and private wealth investor base in Asia, including Singapore, to invest in insurance linked securities (ILS), according to Mr Lim Cheng Khai, executive director of the Financial Markets Development Department of the Monetary Authority of Singapore (MAS).
The Inland Revenue Authority of Singapore (IRAS) has agreed to accept the loss triangulation method, which elicits loss development patterns based on historical data collated in the form of basic loss development triangles, to arrive at the provision for IBNR claims for tax deduction purposes.