Aviva Leaving Singapore

[alexie8113]

https://insuranceasianews.com/aviva-signals-asia-exit-again/

Thinking of buying Aviva multipay life insurance cos its super cheap, but there's news that Aviva is planning to leave SG. Will it affect anything actually? What you guys think?

 

[boredboiboi]

https://insuranceasianews.com/aviva-signals-asia-exit-again/

Thinking of buying Aviva multipay life insurance cos its super cheap, but there's news that Aviva is planning to leave SG. Will it affect anything actually? What you guys think?

Re insurer or new company that buy over will take over. Just that maybe your agent will not be the same

 

[Perisher]

https://insuranceasianews.com/aviva-signals-asia-exit-again/

Thinking of buying Aviva multipay life insurance cos its super cheap, but there's news that Aviva is planning to leave SG. Will it affect anything actually? What you guys think?

There would be proper handover. But hard to say whether there would be changes.

 

[winthony]

https://insuranceasianews.com/aviva-signals-asia-exit-again/

Thinking of buying Aviva multipay life insurance cos its super cheap, but there's news that Aviva is planning to leave SG. Will it affect anything actually? What you guys think?

Personally, until and unless it is officially up for sale, it will just be rumours

If you are concern about what would happen, the portfolio will be taken over by another insurer with little or no change. not 100% wont change but chances are, the company taking over has already evaluated if they are capable enough to do it if not they wont be so rush to take over

 

[revhappy]

AXA will also exit Singapore.

 

[moejoseph]

Aviva and AXA will probably exit only if the price offered is "right". In this current situation, don't think any companies will give a good enough offer. But then these kind of thing hard to say also.

If they really do exit, existing policies won't be affected, as it is governed by MAS and LIA that new company taking over must honor them as per contract. Agents may change, especially if the new company doesn't want to buy over their agents, or trying to streamline some processes. But other than these, nothing much will be affected, especially for life plan (mainly term life and CI plans).

 

[exterminazn]

Aviva and AXA will probably exit only if the price offered is "right". In this current situation, don't think any companies will give a good enough offer. But then these kind of thing hard to say also.

If they really do exit, existing policies won't be affected, as it is governed by MAS and LIA that new company taking over must honor them as per contract. Agents may change, especially if the new company doesn't want to buy over their agents, or trying to streamline some processes. But other than these, nothing much will be affected, especially for life plan (mainly term life and CI plans).

In general, policy features and benefits have no change

Not too sure about revisionary and terminal bonus

Non guaranteed premium for certain life plans may be subjected to change

 

[pchltws]

Aviva already have this intention long time ago......so far have they confirmed already?

Stay tune~

 

[SMLJMIW]

The day of reckoning draws nearer as NIRP+ZIRP gobble up everything in its path.

 

[GameboyX]

SAF plan will stay right? I'm relying on it for term life plan leh

 

[exterminazn]

SAF plan will stay right? I'm relying on it for term life plan leh

If Aviva do leave, we have no idea what will be the new business decision

 

[asiafrenz]

then they will sell my Integrated Shield Plan to who ???

 

[reddevil0728]

If Aviva do leave, we have no idea what will be the new business decision

Pretty sure a lot of others would be interested to takeover that scheme

 

[Cobra!]

Whoever buys over always honours the plan.

But they normally don't offer that product anymore.

 

[cscs3]

Whoever buys over always honours the plan.

But they normally don't offer that product anymore.

There may be some term and condition changed. Has went thru this before during those day when UOB life still around.

 

[BBCWatcher]

This thread’s title is misleading. It needs a question mark, at least. Aviva hasn’t made any decision to sell its business in Singapore much less come to an agreement. Aviva’s position in Singapore is much different/stronger than its position in China (as the article points out), and in its 2019 review Aviva decided to retain both (excluding Hong Kong). True, Singapore is “small” — that’s par for the course in Singapore — but it’s very profitable and a very outsized source of growth. It wouldn’t surprise me at all if Aviva keeps Singapore, again. Indeed, maybe Aviva ends up buying AXA’s business in Singapore, using proceeds from the sale of Aviva China to fund it. All sorts of options are possible. It’s a review, not anything else.

 

[bladez87]

This thread’s title is misleading. It needs a question mark, at least. Aviva hasn’t made any decision to sell its business in Singapore much less come to an agreement. Aviva’s position in Singapore is much different/stronger than its position in China (as the article points out), and in its 2019 review Aviva decided to retain both (excluding Hong Kong). True, Singapore is “small” — that’s par for the course in Singapore — but it’s very profitable and a very outsized source of growth. It wouldn’t surprise me at all if Aviva keeps Singapore, again. Indeed, maybe Aviva ends up buying AXA’s business in Singapore, using proceeds from the sale of Aviva China to fund it. All sorts of options are possible. It’s a review, not anything else.

You think AXA is more likely to be sold than Aviva?
I know that Aviva, Axa, TM form the smallest 3 of the tier 2 insurers in SG.

 

[bladez87]

There may be some term and condition changed. Has went thru this before during those day when UOB life still around.

Can you share what were some of the changes you experienced?

Aviva and AXA will probably exit only if the price offered is "right". In this current situation, don't think any companies will give a good enough offer. But then these kind of thing hard to say also.

If they really do exit, existing policies won't be affected, as it is governed by MAS and LIA that new company taking over must honor them as per contract. Agents may change, especially if the new company doesn't want to buy over their agents, or trying to streamline some processes. But other than these, nothing much will be affected, especially for life plan (mainly term life and CI plans).

It is a point of concern if the insurer I am insured in is no longer operating in SG when my policies are in force for the next 30 years.

 

[BBCWatcher]

You think AXA is more likely to be sold than Aviva?

I don’t think anything about this speculation. It’s pure speculation. Maybe China Life will announce its planned acquisition of Great Eastern next week. Who knows?

I know that Aviva, Axa, TM form the smallest 3 of the tier 2 insurers in SG.

OK, but Aviva at least has solid profits and growth. (Maybe the others do too.) Ordinarily businesses like solid profits and growth, but maybe Aviva’s management feels like it’s the right time and situation to sell a particular unit. Or maybe they decide to buy AXA Singapore. Or maybe neither, which was last year’s decision. All they’ve said is they’re considering options. Which isn’t really anything exciting because virtually all companies are at least open in principle to discussing mergers, acquisitions, and divestitures of business units for the right price under the right terms. All Aviva has said is that they’re a little more open to such possibilities and putting a little more effort into them than otherwise.

It is a point of concern if the insurer I am insured in is no longer operating in SG when my policies are in force for the next 30 years.

It’s a minor point of concern at most (if you’re rational anyway), and it’s not peculiar to Aviva. All insurance companies are in principle open to possible mergers, acquisitions, and divestitures. And all insurers, except the newest, have “legacy” policies to service even without a merger, acquisition, or divestiture. It’s a perfectly ordinary aspect of the insurance business. There are insurers still servicing 70+ year old policies that have been through multiple owners.

 

[bladez87]

I don’t think anything about this speculation. It’s pure speculation. Maybe China Life will announce its planned acquisition of Great Eastern next week. Who knows?


OK, but Aviva at least has solid profits and growth. (Maybe the others do too.) Ordinarily businesses like solid profits and growth, but maybe Aviva’s management feels like it’s the right time and situation to sell a particular unit. Or maybe they decide to buy AXA Singapore. Or maybe neither, which was last year’s decision. All they’ve said is they’re considering options. Which isn’t really anything exciting because virtually all companies are at least open in principle to discussing mergers, acquisitions, and divestitures of business units for the right price under the right terms. All Aviva has said is that they’re a little more open to such possibilities and putting a little more effort into them than otherwise.


It’s a minor point of concern at most (if you’re rational anyway), and it’s not peculiar to Aviva. All insurance companies are in principle open to possible mergers, acquisitions, and divestitures. And all insurers, except the newest, have “legacy” policies to service even without a merger, acquisition, or divestiture. It’s a perfectly ordinary aspect of the insurance business. There are insurers still servicing 70+ year old policies that have been through multiple owners.

how do insurers get "legacy" policies without mergers, acquisition or divestiture?
by legacy i am thinking policies sold by other insurers?
I mean if one were to be insured by NTUC, the insurer is more likely to still be in the business compared to TM.

There are insurers still servicing 70+ year old policies that have been through multiple owners.
Policy transferred between policyholders? Or policy covered by different insurer?