A SGD 380 million high-value single life insurance policy appears in Singapore, setting a world record | Lianhe Zaobao

Manulife Singapore underwrites a single life insurance policy with a coverage amount of up to USD 300 million (approximately SGD 380 million), which may be the highest single life insurance policy in Singapore and the region. According to public records, the previous highest life insurance policy had a coverage amount of USD 250 million and was certified by Guinness World Records, underwritten by HSBC Life in Hong Kong in 2024. Manulife Singapore announced this high-value policy on Tuesday (February 24), stating that it reflects the increasingly complex needs of high-net-worth families in wealth inheritance and intergenerational planning, who tend to choose insurance institutions with global resources and professional structural design capabilities. According to research by McKinsey, between 2023 and 2030, the Asia-Pacific region will see approximately USD 5.8 trillion in intergenerational wealth transfer among ultra-high-net-worth (UHNW) and high-net-worth (HNW) families. The number of high-net-worth and ultra-high-net-worth individuals in Singapore is also continuously increasing. Knight Frank predicts that the number of ultra-high-net-worth individuals with a net worth of at least USD 30 million will rise from 4,498 in 2022 to 5,300 in 2027. Further Reading Financial Tips: Clarify Real Needs When Buying Insurance, Premium Expenditure Should Be As Low As Possible Local Life Insurance Industry New Premiums Increased by 7.7% Manulife Singapore pointed out that as the number of high-net-worth individuals and families in Asia continues to grow, Singapore, with its political stability and sound regulatory system, remains an important hub for wealth management and insurance planning. In the past 12 months, Manulife Singapore has issued 25 life insurance policies with coverage amounts exceeding USD 50 million to individual clients, indicating that the demand remains strong Manulife Singapore's CEO Benoit Meslet stated that high-net-worth families are increasingly valuing long-term certainty and wealth transfer, and the market demand for insurance solutions with large structural design capabilities is continuously rising. The policies sold by Manulife, including this USD 300 million policy, belong to the Indexed Universal Life category, which is one of the most popular types of insurance in the high-net-worth client market. In the structure of Indexed Universal Life, the premiums paid by clients are typically divided into two accounts. One is a fixed account that provides a fixed return rate; the other is an index account, where clients can choose different indices to be linked. The index account generally has a zero return floor to protect clients from losses, but depending on the different indices, the upside returns may also have caps. Manulife Singapore launched its first universal life insurance product in 2010, introduced variable universal life insurance in 2017, and launched its first Indexed Universal Life insurance in 2019