Global life insurance group Resolution Life Group has announced the launch of new representative office in Singapore to expand its services to life insurers in Asia region.
The formation of new office, which marks the firm’s efforts to establish itself in Asia, follows recent approval by the Monetary Authority of Singapore.
By providing solutions to the primary life industry, Resolution Life intends to boost its in-force business in Asian mature markets.
Resolution Life executive chairman and Resolution founder Clive Cowdery said: “Resolution Life was launched to be a global solutions provider.
“We see a growing need to support the life industry in mature Asian markets as primary insurers adapt to how to serve their policyholders best under new regulatory regimes, new accounting standards, and continuing low interest rates.
“We see this as a core region for Resolution Life over the long term.”
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By GlobalDataResolution Life’s new markets team in Singapore includes Kirstin Rankin as Asia COO and chief representative, and Yan Sun, Head of Solutions for the region.
Rushabh Ranavat, as Asia managing director, will lead Resolution’s overall expansion into the region.
Resolution Life New Markets CEO Nardeep Sangha said: “Our global experience, regional strategic relationships and aligned business model provide a strong foundation for our Asian business.
“We look forward to building on this foundation in a manner tailored to the region, through partnerships with insurers, regulators and policyholders.”
In second half of 2021, Resolution Life made transactions including with Allianz Suisse Life in Europe, and Allianz Life and Lincoln Financial Group in North America.
The firm also announced the acquisition of AIA’s Australian Superannuation & Investments business in early 2022.
Currently, Resolution Life manages around $90bn of assets and provides services to approximately three million policyholders across its US and Australasian businesses and its Bermudan reinsurance base.
