China Life Insurance (Overseas) Co. Ltd., a wholly-owned unit of China’s largest life insurer, is planning to enter the Southeast Asia markets, with the first target being a foothold in Singapore.
“In the long run, we would hope to see 20 to 30 percent of our business come from Southeast Asia markets,” deputy chairman and president Liu Tingan said, according to the Hong Kong Economic Journal.
The insurer expects to devote the next 20 years to develop the markets, tapping into the fast-growing pool of high-net-worth individuals in the region, especially in Singapore.
“The Singapore subsidiary will commence operation in the first half of next year, with a view to break-even by 2020,” Liu was quoted as saying.
It will focus on both life insurance and asset management businesses, Liu said, adding that renminbi products will also be a focus in Singapore.
The Chinese insurer has set a goal to double in five years its key performance indicators related to premiums income, assets and profits.
The company reaped HK$30 billion (US$3.87 billion) premiums income for the eleven months to November this year. Its total assets amount to about HK$120 billion, and it has over 3,000 agents.
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