Transamerica Life Bermuda (TLB) – which specialises in life insurance solutions for high-net-worth (HNW) individuals and families and operates in Hong Kong and Singapore – has appointed Kristine Ung (pictured) as chief executive officer, effective May 1, subject to regulatory approval.
The move coincides with the company receiving approval to establish a representative office at the Dubai International Financial Centre (DIFC).
Ung brings more than two decades of experience in insurance and financial services. She has held senior leadership roles at firms including AIG, AIA, and Chubb, and was most recently managing partner at Kismet Solutions. Ung previously worked with Transamerica in the US early in her career and contributed to TLB’s licensing and talent acquisition efforts in Singapore.
In her new role, Ung is tasked with guiding the company’s long-term business strategy and advancing its position among global HNW life insurers.
Ung said she aims to continue building on the company’s foundation, driving growth while addressing the evolving requirements of its high-net-worth clientele.
“I look forward to working with the talented team at TLB to continue to build on our strong foundation and achieve our strategic goals,” she said.
The appointment reflects findings from a recent report by Manulife Hong Kong and Deloitte, which showed that a significant portion of high-net-worth individuals (HNWIs) in Greater China are incorporating insurance into their financial plans.
According to the study, 70% of respondents said they use insurance products as part of their wealth management strategies, with 30% allocating over 11% of their assets to insurance. The survey included individuals with a minimum of HK$7.8 million in net assets and explored their use of insurance for asset preservation, growth, and intergenerational transfer.
Life insurance was the most common product, owned by 78% of those surveyed, followed by medical insurance (76%) and savings policies (60%). Additionally, 57% cited insurance as a mechanism to ease the transfer of wealth to beneficiaries.
Meanwhile, Singapore’s life insurance sector is expected to hit a whopping US$59.5 billion in gross written premiums (GWP) by 2029, according to GlobalData.
Marco Keim, CEO of Aegon International, which owns TLB, said Ung’s leadership experience and familiarity with the organisation would be instrumental for future development.
“We are thrilled to welcome Kristine Ung as the new CEO of TLB. Her extensive experience and proven track record in the HNW insurance sector make her the ideal leader to drive TLB’s growth. Kristine’s deep understanding of our business and her strategic vision will be invaluable as we continue to expand our presence globally and strengthen our commitment to clients,” he said.
The new DIFC representative office, led by recently appointed head of DIFC Adnan Ladki, is part of TLB’s broader strategy to expand its reach across the Middle East and better serve regional distribution partners.
