Manulife Singapore has set a new milestone in the global insurance industry after issuing a single life insurance policy worth US$300 million — approximately S$380 million — to one client.
The deal surpasses what had previously been recognised as the largest life insurance policy on record. In 2024, HSBC Life issued a US$250 million policy in Hong Kong, which had been certified by Guinness World Records as the most valuable of its kind at the time.
Industry observers say the latest transaction underscores Singapore’s position as a leading hub for high-net-worth wealth management, estate planning and private banking in Asia.
Surge In Ultra-High-Net-Worth Clients In Singapore
Manulife Singapore described the landmark policy as reflective of increasingly sophisticated financial planning needs among ultra-high-net-worth individuals. Many wealthy families with cross-border assets are now seeking structured solutions that facilitate capital preservation, intergenerational wealth transfer and legacy planning.
Singapore’s reputation for political stability, strong regulatory oversight and transparent financial governance continues to attract global capital. According to the 2025 Billionaire Ambitions Report by UBS, Singapore is home to 55 billionaires with a combined wealth of about US$259 billion — roughly S$328 billion.
That figure represents a significant year-on-year increase, highlighting the city-state’s growing appeal to entrepreneurs, family offices and private investment vehicles. Notably, close to 70 per cent of these fortunes are self-made, reflecting a strong culture of enterprise and wealth creation.
Rising Demand For Large-Scale Insurance & Legacy Planning
Over the past 12 months alone, Manulife Singapore disclosed that it has issued 25 individual life insurance policies, each valued at more than US$50 million — approximately S$63 million. The steady demand suggests that affluent clients are increasingly turning to insurance as part of a broader wealth management strategy.
High-value universal life and indexed insurance products are often structured to optimise estate liquidity, mitigate inheritance complexities and support succession planning. In recent years, Manulife has expanded its portfolio of universal life, variable universal life and indexed universal life offerings tailored specifically for high-net-worth families.
Financial advisers note that large-scale policies of this magnitude are typically integrated into comprehensive private wealth management frameworks, which may include trust structures, tax planning strategies and cross-border asset allocation.
As Singapore continues to attract global wealth and establish itself as a premier financial centre in Asia, record-breaking transactions such as this signal the evolving landscape of ultra-high-net-worth insurance planning.