Prudential's bancassurance gap lowers Singapore Q1 APE sales

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.

When asked how it would plug the bancassurance gap left by Maybank and SingPost and grow its Singapore business, Prudential told The Business Times that Singapore is an extremely important market for the group. "We have the best bank partnerships, including those with Standard Chartered and UOB, as well as the marke…