Income Insurance, a composite insurer in Singapore, has selected JP Morgan as the custodian bank for its assets.
JP Morgan has been mandated to provide a comprehensive suite of services, including global custody, fund accounting, regulatory reporting, compliance monitoring, cash management services, collateral management, securities lending and data solutions via J.P. Morgan’s Fusion.
“At Income Insurance, we prioritise safeguarding the assets of our customers and shareholders while enabling greater efficiencies in our daily operations – from decision-making and portfolio performance to risk management,” said Income Insurance chief investment officer David Chua.
He said, "JP Morgan’s solutions-based approach and experience in managing complex transitions and integration of platforms will bring considerable value to our partnership.”
Income Insurance CFO Ury Gan also said, “Our partnership with JP Morgan enhances the integrity and efficiency of our reporting through seamless integration of custody and accounting systems. By leveraging advanced digital capabilities and real-time data connectivity, we ensure accuracy, timeliness, and transparency in meeting evolving regulatory requirements.
“This collaboration not only strengthens our compliance framework but also supports the scalability of Income Insurance’s growing investment portfolio.”
JP Morgan senior country officer Wai Mei Hong said, “Our appointment reflects the growing demand from exceptional companies with growth plans for enhanced custodian support. It also highlights JP Morgan’s commitment to providing dedicated local coverage and impactful solutions in Singapore.”
In addition to this securities services mandate, Income Insurance has collaborated with JP Morgan Asset Management since 2019.
“Our ongoing investment in product innovation will be instrumental for Income Insurance as it continues to grow and expand. Our commitment to providing solutions that optimise assets to generate yield is crucial for the insurance sector,” said JP Morgan head of securities services, APAC, John Murphy.
“In addition, through JP Morgan’s Fusion data solution, Income Insurance will strengthen their operational efficiency and gain comprehensive data management and analytics that facilitate insightful analysis and drive effective decision-making.”
Income Insurance has served more than 1.4m customers in Singapore and is one of the country’s leading composite insurers offering life, health and general insurance. Income Insurance has over S$40bn ($30.4bn) in assets under management.