Singapore market drags down Aviva Asia's value of new business
British insurer attributes weaker H1 performance here to the end of bancassurance tie-up with DBS
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Singapore
INSURER Aviva Asia has reported a 23 per cent year-on-year fall in value of new business (VNB), a measure of the expected profits from new premiums written, in the first six months of 2016. For the first half of the year ended June 30, VNB for Asia dropped to £61 million (S$108 million) on a constant currency basis, reflecting a £10 million decrease in Singapore.
The weaker performance from Singapore was largely a result of the end of the bancassurance partnership with DBS Bank, which partly offset higher sales in protection through the financial advisers network, the British insurer said on Thursday. It added: "In China, VNB was stable at £22 million due to growth in agency distribution of protection products offsetting the adverse impact of lower interest rates."
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