The establishment of offices in Hong Kong and Malaysia come as a result of research into strategic growth in the region. The two new businesses, at Menara Darussalam, Kuala Lumpur and International Commerce Centre, Hong Kong, will see Financial Risk Solutions (FRS) expand their footprint in Asia.
Research published earlier this year from Munich Re puts the growth of the life insurance industry in Asia’s emerging markets at above 10 percent across 2017-2018. The same research placed Asian market share of the global insurance industry at 21.4 percent by 2025.
FRS met 25 life insurance firms and 15 asset managers across Asia over 18 months, to understand their specific investment administration and oversight requirements.
The Irish firm identified that Unit Linked Insurance Plans (ULIPs) or Investment-linked Insurance Plans (ILPs) are growing at a significant pace. With a growing stable of clients in the region the Dublin based firm decided to commit to a physical presence in the region. Matthew Baldwin, head of Asia at FRS will oversee the new business units
Financial Risk Solutions a Dublin-based provider of unit-linked investment administration and compliance oversight software, has opened two new Asian hubs.