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LESS than two weeks after signing the S$1.6 billion bancassurance tie-up with local lender DBS Bank, Canadian insurer Manulife on Monday launched its new Singapore financial advisory arm.
The 250-strong Manulife Financial Advisers, majority-owned by Manulife Singapore, is part of the insurer's move to strengthen its distribution network, as competition in the insurance sector heats up.
Led by CEO Koh Hoe Shin, the team is expected to contribute about 50 per cent of sales together with its existing financial advisers (FA) channel. The FA channel contributes about 30 per cent of business, excluding the new arm.
For now, Manulife Financial Advisers will be offering life and investment products from Manulife, eight products from Aviva and 10 from Tokio Marine Insurance Singapore. It is also in partnership with Navigator Investment Services, iFast Financial and Philip Securities, and is now offering about 70 to 80 funds. The number of products to be offered is expected to rise once they clear the due diligence process.