Source: Channel News Asia
SINGAPORE:
ING is selling its Asian insurance business while Aviva announced last week it
will exit Malaysia.
While the Asian
insurance industry grapple with market share shifts, insurers also have to make
significant changes to their products, as they face up to ageing customers.
Developed economies
like Japan, Singapore and Taiwan are ageing rapidly.
Singapore's elderly
makes up 10 per cent of the population but the rate of ageing is expected to
rise six per cent each year from 2012 to 2020.
In order to cater
to the retirement needs of its customers, one insurer recently launched an
investment-linked plan that aims to provide a regular monthly income.
The Manulife Income Series - Singapore Fund
targets to pay a dividend of 3.6 Singapore cents per unit per year.
According to
Manulife, the fund seeks to provide
medium to long term capital appreciation and income by primarily investing 60
per cent into the Manulife Singapore Bond Fund and 40 per cent into the
Manulife Singapore Equity Fund - both of which are managed by Manulife
Asset Management (Singapore) Pte. Ltd.
