British insurer's half-year earnings lifted

Aviva Singapore lifts British insurer's half-year earnings

Strong growth across a range of sales channels helped Aviva Singapore put in a sparkling performance for the first six months of the year.

  • Value of New Business (VNB) for the Life business achieved a 49% increase to S$77.5 million.
    • Bancassurance sales grew 48%, as a result of continued momentum from a successful partnership with DBS Bank.  Contributors include Aviva's flagship retirement products, MyRetirement and MyIncomePlus, as well as a single premium product that was launched exclusively through the bank earlier this year.
    • Sales through independent financial advisers rose 26%, driven by strong protection sales, and it continues to be an important channel for customers seeking holistic financial advice.
    • Meanwhile, sales from Aviva's direct channel – which includes direct mail and telemarketing – continues to grow strongly.
  • In the General Insurance space, where Aviva was the pioneer in introducing online car insurance to Singaporeans, gross written premiums (GWP) remain broadly flat in a soft car market, although the number of customers has increased by 17%.
  • Funds Under Administration (FUA) for Aviva's unit trust platform, Navigator, grew 5% to S$1.9bn for the first half of this year.
  • Aviva Singapore's CEO, Mr Nishit Majmudar, said, "We value and thank customers and partners for the trust they have placed in us, which has enabled us to grow the business rapidly over the last few years.  Moving forward, we remain focussed on delivering little things that matter, to make it simple for customers and partners. We recently launched mobile sales applications to our bancassurance partners and are making good headway in automating and digitalising our claims process – initiatives like these increase operational efficiency, which leads to reduced turnaround time and an improved customer experience.  We will continue to focus on digitalisation and automation to provide a seamless and integrated experience for our customers and partners."

Read the article here:  'Aviva Singapore lifts British insurer's half-year earnings', The Straits Times, 8 August 2014
Source: The Straits Times © Singapore Press Holdings Limited. Reproduced with permission.