The Philippine Insurance Commission (IC) has issued a license to SeaInsure Life Insurance Company, which is owned by SeaInsure PG (SeaPG), a Singaporean insurance company under tech conglomerate Sea Limited that is the holding company for Shopee, an e-retail platform.
SeaLife, previously Reliance Surety and Insurance (RSI), was acquired in February 2022 by SeaPG which converted RSI from a non-life insurance company to a life insurance company.
As part of the approval on 4 August of the issuance of the license in favour of SeaLife, RSI surrendered its license on 26 July.
In March 2022, the IC approved the transfer of the non-life insurance portfolio of RSI to SeaInsure General Insurance (SeaGen).
General insurance licence
SeaGen was rebranded by SeaPG from its previous corporate name AA Guaranty Assurance (AAGA) when SeaPG acquired the latter in February 2021. SeaPG consequently launched SeaGen as a digital non-life insurance company under a license issued by the IC.
In a statement, Commissioner Dennis Funa said, “The entry of Sea Limited, through SeaPG, to the local life and non-life insurance industries is a testament to foreign entities’ confidence in the Philippine insurance regulation.”
Meanwhile, Sea Limited guaranteed provision of sufficient capital to SeaLife relative to its compliance with statutory net worth and solvency requirements.
SeaPG’s parent company, Sea Limited, is a Singaporean global consumer internet company listed on the New York Stock Exchange with three core businesses across digital entertainment, e-commerce, and digital financial services. Its digital entertainment business, Garena, is a global game developer and publisher. Its e-commerce business, Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan.