What's new this week - 17 May 2019

| 17 May 2019

Making a slight detour for What's new this week, a congratulatory message is in place for the 54 nominees who were named finalists for the 4th Asia Trusted Life Agents & Advisers Awards 2019.

With over 400 entries this year, these finalists from 12 markets have emerged crème de la crème in the region this year.

“Congratulations, finalists. Your hard work in 2018 has been recognised by a long list of distinguished judges. As finalists, we know you bear the marks of excellence and will continue to uphold your due diligence and professionalism in the insurance industry. Godspeed.” – Team AAN

To the rest of the nominees,

“If at first you don’t succeed, try, try again. Don’t give up too easily; persistence pays off in the end.”-  Thomas H. Palmer


Now, back to What’s new this week.


Hong Kong: Manulife launches tax-deductible ManuWise deferred Annuity

Manulife Hong Kong has launched ManuWise Deferred Annuity (ManuWise), a tax-deductible Qualifying Deferred Annuity Policy (QDAP) certified by the Insurance Authority, designed to provide customers with more options for retirement planning.

In addition to tax benefits, ManuWise aims to provide customers with a secure retirement supported by a stable stream of income. The total projected internal rate of return (IRR) could range from 2.47% to 4.1%.

Features of ManuWise:

  • Tax benefits as you save for your retirement: ManuWise customers can be entitled to a tax deduction for their qualifying deferred annuity premiums up to a maximum limit of HK$60,000 per assessment year per taxpayer.
  • Steady stream of income for retirement: Customers can choose a premium payment term of 5 or 10 years. Once all premiums are paid up, they will start receiving a monthly annuity income for 10 years or 20 years. This income is comprised of a guaranteed portion, which is stable throughout the annuity income period, and a non-guaranteed portion which is determined by annual dividends built up in the policy. Alternatively, customers can leave their guaranteed and non-guaranteed annuity incomes with Manulife to earn interest.  
  • Critical Illness Advance Benefit: If the life insured is diagnosed with a critical illness, namely cancer, stroke or heart attack, during the annuity income period, customers who choose a ManuWise plan with a premium payment period of 10 years will be offered advances of future guaranteed annuity income as immediate cash.
  • No medical examination is required and no health questions need to be answered by customers who sign up for the ManuWise plan.
  • Premium holiday: Customers may take a premium holiday for up to two years at any time after the second policy anniversary, during which all premium payments and policy values will be frozen.


Tokio Marine Life Insurance Singapore launches new protection insurance plan

Tokio Marine Life Insurance Singapore Ltd. (TMLS) has launched TM Term Assure (II), a new regular-premium term insurance plan that offers customers Guaranteed Insurability for Additional Insurance (GIAI). This allows policyholders to increase coverage at four of life’s milestones: change in marital status, parenthood, graduation from tertiary education, and property purchase.

Key features of TM Term Assure (II) include:

  • Affordability – It is designed to provide a high level of protection at an affordable price of as little as S$2.20 a day.
  • Guaranteed Insurability for Additional Insurance (GIAI) – It allows plan holders to increase coverage at four of life’s milestones: change in marital status, parenthood, graduation from tertiary education, and property purchase.
  • Guaranteed Conversion Privilege – The flexibility to convert the term policy into either a regular premium whole life or an endowment plan.
  • Guaranteed Renewal Privilege – The ability to renew coverage term after the original coverage term has ended.
  • Wide range of coverage terms – The choice of a five or 10-year renewable policy term, and even greater flexibility with a coverage term from 11 years up to age 85. The premium will remain the same throughout the policy term.
  • Multi-currency – It is available in four major currencies (SGD, AUD, GBP, and USD)


Optional features of TM Term Assure (II) include:

  • Disability Rider – The Protect 1 Lite Rider pays out a monthly disability benefit should one lose the ability to perform just one of the six Activities of Daily Living (ADL). A monthly disability benefit will be provided for a continuous period of up to 72 months.
  • Early Critical Illness Accelerator Rider – The rider covers Juvenile conditions and special conditions, in addition to early, intermediate and major stages of CI.
  • Critical Illness Rider – The Critical Illness (CI) Accelerator Rider provides a pay-out upon diagnosis of Major Stage C.



Singapore: AXA Insurance maintains bonus rates despite challenging investment climate in 2018

AXA Insurance has announced that it will maintain bonus rates for its participating policies, and will pay out S$15.5 million in participating (par) fund bonuses.


Premiums collected on par policies are pooled together and invested collectively on behalf of policyholders in a mix of equities and fixed income securities. Surpluses, net of claims and expenses, are distributed in the form of bonuses.


Backed by the scale and financial expertise of the AXA Group, AXA Insurance has global and diversified access to private markets that can offer higher returns as part of a longer-term strategy. As such, AXA’s par fund has been among the top three performers since 2016, and its par policies are viewed as a financial option in the insurance market to meet life protection and saving needs of Singaporeans.


The announcement comes despite muted par fund performance in 2018 as compared to the previous year due to a sharp price correction across equity markets amid escalation in the US-China trade dispute and reduces monetary stimulus from central banks.


Disappointing growth of the global economy, particularly in the second half of the year, resulting in the worst annual performance of global stocks since 2008 also impacted the funds’ investment performance.



China Taiping Insurance (Singapore) launches new brand campaign

China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) has launched a new brand campaign “Peace, Love, Bliss.” The campaign aims to raise awareness of the brand and its financial solutions including protection, retirement, wealth building and legacy planning.

“Peace, Love, Bliss” anchors on a series of three visuals, each centred on an interpretation of each word with Singaporeans in positive moments. Visually, the series is set against the brand’s corporate colours to strengthen brand awareness and recall. Interwoven with the moments pictured are typographic headlines inspired by Chinese calligraphy, an alignment to the company’s longstanding heritage in Asia.



Represented as a gift to oneself, the visual features a working professional who is overjoyed to receive a gift representing peace of mind from being well covered.


Love for one’s family means ensuring they are well covered with CPTIS.


Living the lifestyle one wants during retirement years with the financial solutions CPTIS has to offer. 



People on the Move


Nexus Asia appoints CEO and Non-Executive Chairman

Nexus Group (Nexus) has announced two significant appointments to the Nexus Asia leadership team.

Former Lloyd’s Asia Pacific President Tony Egerton has been appointed CEO of Nexus Asia, while Huntington Group Managing Director Gerard Pennefather has been appointed Non-Executive Chairman.

Photo: Tony Egerton, CEO, Nexus Asia

As Principle Officer at Nexus Structured Solutions Limited, Tony Egerton has over 35 years of experience in (re)insurance and structured finance, whilst spending the last 20 years in Asia. He is also an Associate of the Chartered Insurance Institute.


Tony will lead future expansion across the Asian market, where the goal over the next two years is to become the largest Specialty MGA in the region, generating $50+ million GWP and $35million EBITDA.


Gerard Pennefather is a Chartered Accountant by training. He has spent 12 years in corporate finance and treasury in New Zealand with New Zealand Equities and Ord Minett (now part of JP Morgan Chase).

He has taught banking for the University of London and the University of Queensland’s MBA Program and ran a British Human Resource Consultancy. In 2001, he founded WP capital and the Huntington Group which owns, operates and invests in companies focused on the insurance as well as the human capital industry.