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Aviva Singapore operating profit up 14% on financial advisory segment growth
AVIVA Singapore saw a 14 per cent increase in operating profit in fiscal 2018 to £125 million (S$223.1 million) from £110 million a year ago, driven by growth in the financial advisory channel in life.
The insurer's value of new business (VNB) was up 25 per cent to £152 million from £123 million, with strong sales from the financial advisory channel and improved mix towards protection. VNB is a metric for measuring growth in the insurance industry.
In Singapore, the company grew its distribution network with 1,540 advisers versus 1,266 in 2017. This includes 816 financial advisers versus the previous year's 673.
General insurance and health saw operating losses of 16 per cent, an increase from the 8 per cent loss the previous year. Aviva said it was impacted by increased claims frequency, and management is implementing remedial actions to improve the business.
It has resumed a cash dividend payment of £6 million.