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CHINA,12 January 2016 -

Shanghai – 12 January, 2016 – DBS Bank and Manulife Financial Asia Limited are pleased to announce the official launch of their 15-year regional distribution agreement covering China, Singapore, Hong Kong, and Indonesia. As part of the agreement, effective 1 January 2016, Manulife will be the key provider of bancassurance solutions to DBS customers in these four markets.

The partnership further strengthens DBS’ regional life distribution capabilities, and significantly expands Manulife’s existing successful relationship with DBS. Manulife is already DBS’ main provider of insurance solutions in Hong Kong and Indonesia, and their second largest provider in Asia overall.

With the official launch of the partnership, DBS and Manulife have agreed to co-fund up to SG100 million over the next 15 years to be invested in digital technology and innovation enhancements.

Tan Su Shan, Group Head of Consumer Banking & Wealth Management, DBS Bank, said: “This partnership represents the coming together of two leading organisations, combining DBS’ superior Asian banking franchise with the insurance and wealth management expertise of Manulife, a global leader with a long-term commitment to Asia. With the establishment of the joint fund, we will be able to focus on the development of innovative solutions to serve Asia’s fast-growing consumer base, and help them to fulfill their retirement and insurance needs.”

Through this regional life bancassurance partnership, DBS’ six million retail, wealth and SME customers will gain access to Manulife’s best-in-class suite of life and health insurance solutions, across the bank’s extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its internet and mobile banking platforms.

Roy Gori, President and Chief Executive Officer, Manulife Asia, said: “As a result of this agreement, customers will benefit from DBS’s multi-channel approach, and take advantage of Manulife’s full range of innovative products which are tailored to suit all their financial needs. We look forward to working closely with DBS to secure a safer, better future for customers.”

In China, where family is a key part of the culture, DBS China and Manulife-Sinochem are developing a series of family protection plans aimed at addressing the various needs of families throughout their different life stages.

Under the agreement, DBS’ large customer base across China’s tier 1 and tier 2 cities will also benefit from efforts by the bank and insurer to adopt industry best practices for underwriting and customer services.

Neil Ge, CEO of DBS China said, “We are pleased to announce the official launch of our partnership with Manulife in China. Protecting families is a major priority for both DBS and Manulife, and so we look forward to offering customized innovative insurance solutions for all family members, including birth, education, overseas studies, parental medical care and retirement.”

Coinciding with the start of the new partnership, DBS and Manulife recently conducted a joint research study which measured retirement preparedness among pre-retirees.

According to the study, 65% of Chinese respondents said they want to have a second child after the country recently introduced the two-child policy. However, 23% believe they will face higher costs from upbringing and educating the child, and, as a result 61% may have to delay their retirement plans. Furthermore, one in four realized the importance of enhancing their protection coverage or earning more income so they can be adequately prepared for retirement.

The survey also valued a successful retirement through three key pillars: namely health, wealth and social aspects. Overall, China scored 61 points out of a possible 100 points, compared to the regional average of 56 points. Across the three pillars it scored highest for health at 70 points and lowest for wealth at 55 points. The survey also showed that the Chinese start to plan for retirement at an average age of 44, and generally set aside 30% of their monthly income for retirement needs.

The results revealed that nearly 85% of respondents have tried to figure out how much they need to save for retirement, but most of them were uncertain about the amount. They are also unsure about the type of insurance they should look for and the healthcare costs that they may face during retirement.

Guy Mills, President and CEO of Manulife Sinochem Life Insurance Co., Ltd. said, "We are delighted to see from the research results that the Chinese are relatively better prepared for retirement than consumers in other countries across the region. However, most of them still do not have a clear understanding of how much money they should set aside. That is why it is essential to seek professional advice when planning for retirement. There are huge opportunities for Manulife Sinochem and DBS to jointly develop innovative and tailor-made products to better meet the retirement needs of Chinese families.”

Photo caption: Neil Ge, CEO of DBS China (second from right) and Guy Mills, President and CEO of Manulife Sinochem Life Insurance Co., Ltd. (second from left) at joint press conference

About DBS
DBS - Living, Breathing Asia

DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.

DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

About DBS Bank (China)

DBS Bank (China) Limited (DBS China) is a subsidiary of DBS, one of Asia’s leading financial services groups. Formerly the Development Bank of Singapore, DBS opened its first representative office in Beijing in 1993 and was among the first group of foreign banks and the first Singapore bank to incorporate in China in May 2007. Since then, DBS China has rapidly expanded its franchise across the country, currently operating out of 11 branches and 23 sub-branches and has more than doubled its staff strength to over 2,300. DBS China’s business focuses are institutional banking, global transaction services, treasury and markets, SME banking as well as consumer banking targeting the affluent segments.

DBS China is among the first batch of financial institutions and one of the first two foreign banks, to obtain approval for setting up an outlet, receive operational approval and the first foreign bank to open for business in the China (Shanghai) Pilot Free Trade Zone.

China is DBS’ key priority market. The strengths of our franchise in China have been recognized by esteemed regional and local media, government bodies and industry associations such as being conferred the ‘2014 Top 10 Successful ASEAN Companies in China’ award by the China-ASEAN Business Council (CABC); Global Finance (Stars of China: 2014 Best Corporate Bank, 2015 Best Consumer Bank, 2011 -2015 Best Treasury and Cash Management and 2014-2015 Best Trade Finance Provider among foreign banks) and The Asset (Best Wealth Manager, China, Best Structured Trade Finance Solution, China, 2014-2015). For more information, please visit www.dbs.com.cn.

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