Record shattering $300 million life policy ups the stakes in Asia's wealth race [Wealth Professional (Canada)]
Manulife Financial Corporation (MFC)
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Source: Wealth Professional
A single life insurance contract in Singapore now carries a face value of US$300m, setting a new benchmark for ultra-large coverage in Asia's wealth hubs, according to Bloomberg Manulife Financial Corp. sold the US$300m life insurance policy in Singapore, surpassing the previous record of US$250m set by HSBC Life in Hong Kong in 2024 and certified by Guinness World Records. Manulife said the deal reflects growing demand from ultra-wealthy clients to preserve their assets. According to Guinness World Records, the earlier US$250m policy from HSBC Life (International) Limited in Hong Kong SAR, China, was taken out by an individual customer “for wealth preservation and legacy planning” and was verified on 22 February 2024. Guinness said the organiser believes “Asia is home to the fastest growing wealth population in the world” and that demand is rising for insurance to address “business succession, estate management and legacy planning needs.” It added that the high-value polic
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