This week in insurance: Asia insurers ink multiple deals, Manulife–Mahindra JV unveiled, HLA rolls out legacy product

Singlife has expanded its partnership with CIMB Singapore.

The insurance industry from 17 to 21 November reported multiple new partnerships, joint ventures, and product launches across Asia’s insurance markets.

Bajaj Life and Inka Insurance have partnered to introduce Inkapreneur, a new life insurance product specifically designed for founders in the Indian market. 

“Unlike salaried professionals, most entrepreneurs struggle to secure life insurance because the traditional financial underwriting process fails to recognise their unconventional income patterns,” the press release stated.

Manulife Financial Corporation and Mahindra & Mahindra Ltd. have agreed to set up a 50:50 life insurance joint venture in India, pending regulatory approval. 

The partnership will focus on offering long-term savings and protection products for both urban and rural customers. The joint venture combines Mahindra’s extensive distribution network in rural and semi-urban areas with Manulife’s agency capabilities in urban markets.

Singlife has expanded its partnership with CIMB Singapore to strengthen financial protection and operational resilience for small and medium-sized enterprises (SMEs).

The two companies signed a contract on 19 November 2025 that will allow Singlife to offer embedded insurance solutions under CIMB’s SME Resilience Circle. The SME Resilience Circle is CIMB’s ecosystem programme designed to support SMEs in Singapore and the region.

Allianz Commercial and Coastal Marine Asia Underwriting have formed a partnership to expand marine hull insurance offerings across Asia-Pacific. 

The agreement was signed by Allianz Global Corporate & Specialty SE’s Hong Kong branch and Coastal Marine Asia Underwriting.

APRIL International has entered a regional partnership with Sompo to expand its international private medical insurance (IPMI) products across the Asia-Pacific region.

The agreement combines APRIL’s IPMI capabilities and distribution network with Sompo’s underwriting and regional market expertise. Both companies will jointly develop new health insurance products that integrate underwriting, claims management and assistance services.

On the product side of things, Hong Leong Assurance (HLA) has launched HLA Legacy Wealth, a new insurance product aimed at Malaysians seeking structured legacy and wealth-transfer solutions. 

The product includes several long-term features such as Loyalty Bonuses of up to 25% of the basic sum assured, a “Lapse-Free Zone” that keeps the policy active beyond age 95 even during unfavourable market conditions, and Death Benefit Settlement Options that allow beneficiaries to receive payouts as a lump sum or through scheduled payments for up to 20 years, or until they reach age 25.