DBS overtakes long-time leader OCBC in bancassurance

Singapore

INSURANCE sales in Singapore hardly make the headlines but last week's bombshell by DBS that it became the number one bancassurance bank in Q1 2015 had everyone sitting up. Not least OCBC Bank, which pioneered the business and had hogged the top position for 14 years.

At its second-quarter results released on July 27, DBS showed a slide which said its bancassurance has a 35 per cent market share in Q1, making it the Singapore market leader. Annual premium sales rose 32 per cent year-on-year.