The division of Old Mutual Wealth described the strategic partnership with JLT as a “key milestone” and explained it would benefit from the broker’s “experienced distribution network, with the potential to access 50 well-known private banks in Hong Kong and Singapore”.
Skandia International has also launched the Silk Life Plan, a variable universal life product designed specifically to meet the needs of high net worth individuals and business and, said Skandia “will be particularly attractive to clients of private banks”.
Silk allows a wide range of investments to be placed into a life product, enabling high net worth investors to invest their wealth, while also benefiting from life assurance.
Skandia explained that Asian high net worth investors are “generally asset rich”, but that these assets (e.g. property, investments and businesses) can be difficult to dispose of quickly in the event of death, leaving the investor’s family with little accessible cash.
Silk can help with legacy planning, estate equalisation, business continuity, key main insurance and talent retention, said Skandia.
Steve Hickman, global head of high net worth at Skandia International, said: “We are seeing growing demand from high net worth individuals for higher levels of life protection. Our innovative Silk product will meet this demand head on, whilst ensuring their investment requirements are also met.
“We have ambitious growth plans to widen our product offering and distribution in the Asian market, specifically in the high net worth segment. The partnership with JLT and the launch of our new innovative Silk solution is a powerful combination which will enable us to meet the needs of the high net worth sector.”
This story was amended on 23 July to reflect that the launch was of a variable universal life product rather than a universal life product.
