Aviva Singapore posts 24% APE growth in first half

Aviva Singapore posts 24% APE growth in first half | Insurance Business

Aviva Singapore posts 24% APE growth in first half

Aviva Singapore has posted a 24% year-on-year increase in annual premium equivalent (APE) for the first six months of 2019.

In a statement, the insurer said that its APE grew from SG$110 million in the first half of 2018 to SG$136 million for the same period this year. Sales through the financial advisory (FA) channel grew by 14%, and the FA channel remains the largest contributor to the company’s growth, it said.

Demand for protection products also improved, with a 14% year-on-year increase in APE.

Read more: Aviva reveals mixed bag in first-half financials

Meanwhile, the insurer’s operating profit grew 15% to SG$95 million, from SG$83 million in the first half of 2018.

“Our business in Singapore has grown from strength to strength through the years, and the key to driving Aviva Singapore’s growth is putting customers at the heart of our strategy,” said Nishit Majmudar, CEO of Aviva Singapore. “We believe that the FA channel is best placed to serve and respond to customers’ needs, and it is on track to becoming the dominant channel. The strong performance in the FA channel reflects the relevance of Aviva’s product offerings and is the result of our ongoing commitment to developing customer-centric propositions and solutions.”