DBS Bank Ltd and Manulife Financial Asia Limited have entered into a 15-year regional distribution agreement covering four mutually significant markets, namely Singapore, Hong Kong, China and Indonesia. The agreement signed today will take effect on 1 January 2016.
This new exclusive life bancassurance partnership will combine DBS' superior Asian banking franchise with the insurance and wealth management expertise of Manulife, a global leader with a long-term commitment to Asia. In the four markets, DBS' large and growing six million retail, wealth and SME customer base will gain access to Manulife's best-in-class suite of life and health insurance solutions, through the bank's extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its internet and mobile banking platforms.
Leading to the agreement with Manulife, DBS conducted a thorough insurance partner selection process, which attracted strong interest from a number of leading regional and multinational insurers. The process considered a number of factors, including customer focus, expertise, execution track record and potential for long term value creation.
Manulife is a provider of insurance and wealth management solutions. It is the sixth largest life insurer in the world, with a 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 Kong2, where it established operations in 1897.
DBS CEO Piyush Gupta, says: "Bancassurance is a key focus for DBS and an important part of our overall customer value proposition. Manulife's strong customer focus and deep commitment to Asia are aligned with our own vision. We are already working with Manulife in Singapore, Hong Kong and Indonesia, and will soon be their flagship regional bancassurance partner and their largest bancassurance partner globally. Together, we look forward to building upon the momentum we have achieved in bancassurance."
Manulife President and Chief Executive Officer, Donald A Guloien, says: "We are delighted to be chosen as the bancassurance partner of DBS in four important markets in Asia. DBS is a great organisation, with a great track record and a very bright future. We know DBS well, and want to be an integral part of their continued success as a leading financial services group in Asia. 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."