Asia Pacific – Established Business Units
Including:
- Singapore
- Hong Kong
Current position
- Ranked sixth in Singapore on APE basis for full year 2008*
- Ranked 17th in Hong Kong on APE basis for full year 2008**
- Distribution deal with DBS — leading bank in South East Asia with almost 5 million customers — commenced in 2001 in Singapore and 2003 in Hong Kong
FY 2008 Performance
- Singapore — life and pensions sales grew by 2%. Underlying sales down by 12% to £316m reflecting change in pension legislation. Investment sales were down 52% to £335m due to volatile economic conditions and change to local pension laws.
- Hong Kong — life and pensions sales down by 42% to £248m as products are mainly investment related and consequently greatly impacted by market volatility
Distribution
- Exclusive bancassurance with DBS in Singapore and HK
- Market leader in developing Singapore independent financial adviser (“IFA”) segment.
- Hong Kong IFA channel now account 67% of total sales.
Strategy
- Leverage current relationship to create Singapore’s leading bancassurance business and one of the top players in Hong Kong
- Increase IFA market share in Hong Kong and launch Navigator platform.
- Maintain leadership in healthcare business in Singapore
* source: Life Insurance Association, Singapore
** source: Office of Commissioner of Insurance, Hong Kong
