Manulife issues record US$300 million life policy for a single client
The sale reflects a nascent but growing use of insurance for legacy and succession planning among high-net-worth families
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[SINGAPORE] Manulife Singapore has issued a US$300 million life insurance policy for a single client, in what may be the highest-value policy to date in Singapore and the region.
The sale reflects a nascent but growing use of insurance for legacy and succession planning among high-net-worth (HNW) families. The development is significant for the industry, where competition is keen for a slice of the lucrative HNW business.
This is occurring amid a massive intergenerational wealth transfer of an estimated US$5.8 trillion in the Asia-Pacific region, potentially opening up sizeable opportunities in financial services, including banking, wealth and tax advisory, and legal and trust services.
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