Prudential's bancassurance gap lowers Singapore Q1 APE sales
Insurer posts 19% fall in its Singapore APE sales, an industry measure of revenue, to £72m
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Fiona Lam
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Singapore
THE cessation of British insurer Prudential plc's bancassurance agreements with Maybank and SingPost in 2014 dragged down its total annual premium equivalent (APE) sales in Singapore in the first quarter of 2015. Prudential posted on Wednesday a 19 per cent fall in its Singapore APE sales, an industry measure of revenue, to £72 million (S$145.6 million) for the quarter.
Earlier, Prudential had bid for DBS Bank's bancassurance deal but did not clinch it.
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