Financial advisory fuels Aviva's Singapore growth

Singapore

COMPOSITE insurer Aviva Singapore on Thursday posted a 57 per cent year-on-year rise in annual premium equivalent (APE) or a measure of sales for its life business to S$90.5 million for the first six months of 2017, driven by its financial advisory (FA) arm and direct sales or affinity channel.

Value of new business (VNB), a measure of the expected profits from new premiums written, grew 14 per cent to S$77.1 million for the six months ended June 30.

In the past six months, the British insurer said it has invested heavily in simplifying and digitalising the sales process for financial advisers, including maximising the benefits of technology to provide instantaneous underwriting at point of sale. These are expected to significantly reduce the average…