Transamerica Life Bermuda Releases Updated Guide To High Net Worth Life Insurance



The updated practical handbook supports financial advisors in understanding the unique features of HNW life insurance and how it can help protect their customers’ wealth

HONG KONG SAR - Media OutReach - 19 August 2022 - Transamerica Life (Bermuda) Ltd. (TLB), a leading High Net Worth (HNW) life insurer, in partnership with Hubbis (HK) Limited ("Hubbis"), announced the release of the updated "Guide to HNW Life Insurance - a Practical Handbook for Financial Advisors 2022" ("Guide"). Sponsored by TLB as part of its Mastering High Net Worth (MHNW) programme, and prepared by Hubbis, this is the third year that TLB has collaborated with Hubbis to bring this important resource to financial advisors, brokers and wealth managers.

Since the last edition of the Guide in 2021, the world and global economy has undergone dramatic changes. Although the anxiety around COVID waned in 2021 across the world, the new COVID variants that continue to emerge, the impact of the war in Ukraine, along with the rise in oil, gas, food prices and supply-side challenges from pandemic lockdowns, has impacted economic activity resulting in increased economic volatility and geopolitical risks. In addition, inflation is running at levels not seen since the early 1980s. In response, central banks around the world are now embarking on a course of rapid tightening in monetary policy. In a remarkably short space of time, we see a flip from low interest rates and high asset markets to higher interest rates and lower asset markets.

Despite the health and market uncertainty, however, the HNW and Ultra High Net Worth (UHNW) population remained resilient. According to a recent Capgemini study, in 2021 the global HNW population and their global wealth grew by 7.8% and 8% respectively. North America led the way in growth, with the European and Asia-Pacific regions following in second and third place respectively.

"While TLB sees a more mixed and challenging economic situation unfolding this year, we remain very positive about the prospects for HNW life insurance growth in 2022 and beyond. With an ever-changing and unpredictable environment comes the desire for more certainty – and life insurance continues to be a perfect vehicle to provide that certainty," said Chirag Rathod, CEO of TLB. "Moreover, high net worth individuals (HNWIs) are showing vibrant interest in new financial solutions, presenting new opportunities for innovation in both products and services. Because of this, the Guide remains an important and relevant tool for financial professionals today. We hope that it provides a useful guide to understanding the key dimensions of HNW life insurance and practical applications. This is part of our continuing commitment to provide utmost support to our partners and helping to add more value to our customers' lives," he added.

"We are delighted to once again partner with Transamerica Life (Bermuda) Ltd. to release this updated version of the Guide. With the challenging market and health environment, we see HNWIs reassessing their priorities and looking for more ways to grow and protect their wealth. The continued demand for life insurance offers a great growth opportunity for financial professionals who are able to quickly adapt to the changing expectations and needs of this unique market segment," said Michael Stanhope, Founder and CEO of Hubbis.

As a leading life insurance company singularly focused on the HNW market, TLB is recognised for its award-winning products and services, as well as its expertise in handling large sums assured and complex cases supporting legacy and business planning. Launched in December 2019, TLB's MHNW program provides its distribution partners with specialised insights, ideas, and resources to help them better serve the needs of HNW customers. As the latest resource under TLB's MHNW program, the Guide aims to furnish financial professionals with an accessible tool to increase their knowledge and skills, helping them to maximise their opportunities in the growing HNW space.

"Guide to HNW Life Insurance - a Practical Handbook for Financial Advisors (2022)" is available to financial services professionals via Hubbis at https://www.hubbis.com/article/guide-to-hnw-life-insurance


Hashtag: #TransamericaLifeBermuda

The issuer is solely responsible for the content of this announcement.
About Transamerica Life (Bermuda) Ltd.:
About Transamerica Life (Bermuda) Ltd.:
Transamerica Life (Bermuda) Ltd. (TLB) is a recognised leading HNW life insurance provider with extensive expertise in all aspects of HNW wealth protection, including handling large sums assured and complex cases supporting legacy and business planning. Transamerica has been in Asia for over 80 years and has been a pioneer in managing universal life portfolios for over 40 years. TLB was awarded an "Outstanding Responsible Insurer (2021)" award at the 12th Benchmark Wealth Management Awards in Hong Kong. TLB is part of the Aegon Group, an integrated, diversified, international financial services group that offers investment, protection, and retirement solutions. Further information about TLB is available here:

About Aegon:
Aegon's roots go back 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an integrated, diversified, international financial services group that offers investment, protection, and retirement solutions. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. Aegon companies employ over 22,600 employees and has 31.7 million customers with a clear purpose of "Helping people live their best lives." Further information about Aegon is available here:

SOURCE:

Transamerica Life (Bermuda) Ltd.

CATEGORY:

Business

PUBLISHED ON:

19 Aug 2022

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