Aviva Singapore Continues Strong Growth In 1H 2012
Aviva Singapore announced today continued strong growth for the first half of 2012 with a 23 per cent increase in life sales, amidst a challenging global economic environment.
Chief executive Nishit Majmudar attributed the growth to strong product design as well as continued success of its bancassurance partnership with DBS Bank. Aviva also continues to enjoy a leadership position in the sales of regular premium products in the financial advisory channel. He is confident Aviva Singapore's strategy of 'focus, simplify, and value' would pave the way for continued growth in the second half of the year.
"We've always focussed on understanding consumer needs and making sure the products and services we offer are relevant and simple to understand, and we'll continue to do so," said Majmudar.
"Going forward, we'll intensify our efforts in simplifying our processes so it's as hassle-free as possible for our customers and advisers, as well as review and update our business to ensure we continue to add value to shareholders and customers."
"Our strategy can be summed up in 3 words: Focus, Simplify and Value. With this, we're well-placed to continue our upward trajectory in the future as well as achieve our vision of being the most recommended insurer in Singapore," Majmudar added.
In the first half of the year, Aviva's bancassurance partnership with DBS Bank continued to be successful. Aviva and DBS Bank have been in a bancassurance partnership since 2001, and bancassurance remains the biggest distribution channel for Aviva. The other big contributor to Aviva's success is the financial advisory distribution channel, which saw an impressive surge in sales in the first half of the year.
The strong sales performance is underpinned by Aviva's strength in designing products that fit consumer needs and are simple to understand. Aviva's latest product, MyRetirement, was launched in March after comprehensive research into consumers' retirement planning mentality. Designed to offer guaranteed returns in an uncertain environment of rising cost of living and inflation, MyRetirement has been very well-received.
Elaborating on the business' priority to simplify its processes, Majmudar shared that Aviva has been investing in upgrading and automating its operational infrastructure to support the growth in business.
"We'll continue working on simplifying and making it easy for customers and advisers to do business with us. This is a priority area and is part of our core strategy," he said.
- Figures reported are unaudited.
- Sales are measured using Present Value of New Business Premium (PVNBP), which is the present value of new regular premiums plus 100% of single premiums.