Bank distribution leads in Q1 new insurance sales
Banks contributed 46% or $377m; agents sold 33% (S$264m); and financial advisers notched up 17% (S$135m)
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Singapore
NEW sales of life insurance through banks - the dominant distribution channel in Singapore - continue to outpace that of tied agents and financial advisers in the first three months of the year.
In the first quarter of 2017, bank representatives contributed to 46 per cent of total weighted new business premiums or S$377 million. Tied agents accounted for 33 per cent or S$264 million of weighted new sales and financial advisers contributed 17 per cent or S$135 million. The remaining 4 per cent or S$35 million came from direct sales for products sold without intermediaries such as ElderShield.
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