Global insurer AXA has consolidated its general insurance and life insurance operations in Singapore under a single entity, AXA Insurance Pte Ltd. The insurer has accordingly been granted a composite insurance license.
The consolidation process was done by a scheme of transfer which was licensed and approved by the Monetary Authority of Singapore (MAS) and the High Court of Singapore. This was done so the company can provide its customers greater convenience in accessing a full selection of integrated life and general insurance products.
AXA has assured policyholders of both AXA Life Insurance Singapore and AXA Insurance Singapore that there will be no changes to their policies and benefits involved. All contracts will be honored and remain in force as per the individual terms.
“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, 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.”
AXA Insurance Singapore and AXA Life Insurance Singapore have operated in the Southeast Asian city-state since 1969 and 1999, respectively. Combined, both operations serve over 250,000 policyholders, from individuals to established businesses.
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