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Citigroup looking for Asia insurance distribution deal

  • Publish Date: Posted about 7 years ago

Citigroup is looking for bids from global insurers wanting to sell general insurance products across the US bank's Asia-Pacific markets, in an agreement that could reach US$500 million. If the deal goes through, the multi-year bancassurance deal for products such as motor, property and travel insurance will be one of the biggest in the region. Any deal will give insurers with access to 15 million Citibank customers in 12 markets including Singapore, Hong Kong and China. Citi expect to find a partner for the 15-year deal in a few months. The opportunity is to be pitched to several insurers including AIG and Allianz. Citi's plan to seek partners follows the bank's move to allow insurer AIA to sell life insurance through its Asia network in a multi-year deal, starting in 2016. The bank has invested a lot to grow its technology platform and digital engagement over several years. The move is designed to complement its life insurance partnership with another one for general insurance.