AXA Insurance Singapore Pte Ltd announced that it has successfully transferred its business to AXA Life Insurance Singapore Private Limited today. Both general insurance and life insurance entities are now one single entity and has been renamed AXA Insurance Pte Ltd. With the consolidation of both classes of business, AXA Insurance Pte Ltd has been granted a composite insurance license, providing customers with greater convenience to access a full range of integrated general and life insurance solutions.
The consolidation of both entities was done by way of a scheme of transfer which has been licensed and approved by the Monetary Authority of Singapore (MAS) and the High Court of Singapore. AXA has assured customers with policies from AXA Life Insurance Singapore and AXA Insurance Singapore that there is no change to the obligations and services due to them as a result of this consolidation. Policy benefits will also be honoured and remain in force as per existing terms and expiry date.
“The consolidation of both classes of business into a single insurer will allow us to have a more comprehensive picture of our customers’ insurance needs and better service their general insurance and life insurance needs,” said Doina Palici-Chehab, Chief Executive Officer (CEO) of AXA Insurance. “We are confident that the synergies achieved through this move will allow us to enhance our focus on our customers, offering them seamless services to meet their evolving expectations.”
Both AXA Insurance Singapore and AXA Life Insurance Singapore are part of the AXA Group and have, respectively, been serving general insurance and life insurance needs in Singapore since 1969 and 1999. Today, more than a quarter of a million customers in Singapore, from individuals to established businesses, count on AXA Insurance to financially protect them, their loved ones and their future. AXA Insurance remains committed to providing high levels of service and helping customers live their lives with more peace of mind.