17th June 2021
Archipelago Insurance Limited (“ALE”) (LL09355)
Archipelago Life Insurance Limited (“ALIFE”) (LL09829)
Corporate Announcement: Latest Variation Order from Labuan FSA
Further to the original Restriction Directive dated 21st April 2021, we are incredibly pleased to advise that Labuan FSA has kindly issued a Variation Directive yesterday dated 16th June 2021 to give us the provision to undertake new and/or renewal for all types of ‘Labuan Compliant’ businesses on a “submit for approval” basis.
This is surely a positive note for us. We wish to assure all our existing clients that our in-force policies are all unaffected. Our regulatory solvency margin ratios as at 31st March 2021 are substantially robust at 525% and 400% for ALE and ALIFE respectively. This reflects our commitment to grow our capital base for The Archipelago Group to be a meaningful Labuan contributor in a jurisdiction we call home.
As a brief background, the Restriction Directive arose from a certain onshore group term and medical portfolio which were cancelled on 31st December 2020 following the “Directives to Cease Soliciting and Undertaking New Domestic Business without Prior Approval of Local Authority” which were issued to us. We continue to abide and submit to Labuan FSA the monthly run-off for this portfolio.
For the confidence to our business partners, new and current clients, we will continue to fully engage and cooperate with Labuan FSA to allow a complete reprieve of these Directives soonest. We thank our business partners and clients as well as the commitment of the Archipelago team for their faith and patience in us through this period.
Please do not hesitate to contact our senior team members as below for further clarifications and developments.
Ms. Ong Hui Koon - Principal Officer ALIFE / Chief Business Officer
Mr. Ahmed Farouk Aripen - Group Chief Financial Officer
Mr. Adrian Tay Boon Rong - Director, Strategy and Compliance
Mr. Kanes Naidu Athinaidu - Deputy Group Chief Underwriter
Mr. Lim Boon Ing - Chief Operating Officer
Stay safe and healthy everyone.
Yours faithfully, For and on behalf of ALE and ALIFE
Ian Lim Teck Soon
Principal Officer ALE Group CE, The Archipelago Group