China Taiping Insurance Singapore Pte Ltd (CTPIS) on Tuesday celebrated the inauguration of life insurance business in Singapore.

It also introduced its first two life insurance products that were launched on Jan. 2 to the public.

The inauguration of CTPIS's life insurance business is a strategic milestone for the company as it expands its business by becoming a composite insurer offering both life and general insurance to serve the growing demand for high quality protection and wealth management solutions in the city state, the company said in a press release.

CTPIS is originated from Tai Ping Insurance Co. Ltd Singapore Branch, which was established in Singapore in 1938. According to CTPIS's General Manager Yang Yamei, the company's parent company, China Taiping Insurance Group Limited (the Group), is a Chinese government centrally administrated state-owned financial and insurance group headquartered and listed on the Hong Kong Stock Exchange since 2000.

"The launch of our life insurance business in Singapore is part of the group's broader vision to build an international and state-of-the-art financial insurance group with global competitiveness," said Yang.

He said the expansion into the life insurance business is to widen CTPIS's service offerings to its clients and to achieve the group's strategic objectives, which include diversifying the revenue and income streams, and achieving growth beyond the existing markets.