By MOK FEI FEI STRONG growth across a range of sales channels helped British insurer Aviva’s local unit put in a sparkling performance for the first six months of the year. Aviva Singapore logged a 49 per cent jump in the value of its new business to $77.5 million, with bancassurance sales grow- ing 48 per cent. It said continued momentum from a successful partnership with DBS Bank had boosted turn- over, with retirement products such as MyRetirement and MyIn- comePlus being among the most popular in the line-up. Sales through independent fi- nancial advisers rose 26 per cent, driven by increased de- mand for protection products. Aviva Singapore’s direct chan- nel – which includes direct mail and telemarketing – continues to grow well, although sales num- bers were not provided. While sales in the life insu- rance business rose, the general insurance segment had a more modest showing, with gross writ- ten premiums staying flat amid a soft car market. Still, Aviva Singapore said the number of general insurance cus- tomers increased by 17 per cent. Funds under administration at Aviva’s unit trust platform, Navigator, grew 5 per cent to $1.9 billion in the first half. Aviva Singapore chief execu- tive Nishit Majmudar said the firm will continue with its digiti- sation and direct sales channel strategies to make things more convenient for customers. “We recently launched mo- bile sales applications to our ban- cassurance partners, and we’re making headway in automating and digitalising our claims pro- cess. “Such initiatives increase ope- rational efficiency, which helps reduce turnaround time and im- prove the customer experience.” Thanks to the solid showing by the Singapore unit, Aviva Asia’s contribution to the value of new business for the parent group rose to 15 per cent in the first half this year, up from 10 per cent previously. At the group level, Aviva’s net profit for the first six months increased 113 per cent to £863 million (S$1.8 billion). Group CEO Mark Wilson said the half-year results demon- strate that the insurer is recover- ing well after a major restructur- ing process. [email protected]Aviva Singapore lifts British insurer's half-year earnings
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By MOK FEI FEI
STRONG growth across a rangeof sales channels helped Britishinsurer Aviva’s local unit put ina sparkling performance for thefirst six months of the year.
Aviva Singapore logged a 49per cent jump in the value of itsnew business to $77.5 million,with bancassurance sales grow-ing 48 per cent.
It said continued momentumfrom a successful partnershipwith DBS Bank had boosted turn-over, with retirement productssuch as MyRetirement and MyIn-comePlus being among the mostpopular in the line-up.
Sales through independent fi-nancial advisers rose 26 percent, driven by increased de-mand for protection products.
Aviva Singapore’s direct chan-nel – which includes direct mailand telemarketing – continuesto grow well, although sales num-bers were not provided.
While sales in the life insu-rance business rose, the generalinsurance segment had a moremodest showing, with gross writ-ten premiums staying flat amid asoft car market.
Still, Aviva Singapore said thenumber of general insurance cus-tomers increased by 17 per cent.
Funds under administrationat Aviva’s unit trust platform,Navigator, grew 5 per cent to$1.9 billion in the first half.
Aviva Singapore chief execu-tive Nishit Majmudar said thefirm will continue with its digiti-sation and direct sales channelstrategies to make things moreconvenient for customers.
“We recently launched mo-bile sales applications to our ban-cassurance partners, and we’remaking headway in automatingand digitalising our claims pro-cess.
“Such initiatives increase ope-rational efficiency, which helpsreduce turnaround time and im-prove the customer experience.”
Thanks to the solid showingby the Singapore unit, AvivaAsia’s contribution to the valueof new business for the parentgroup rose to 15 per cent in thefirst half this year, up from 10per cent previously.
At the group level, Aviva’snet profit for the first sixmonths increased 113 per cent to£863 million (S$1.8 billion).
Group CEO Mark Wilson saidthe half-year results demon-strate that the insurer is recover-ing well after a major restructur-ing process.
OCBC is issuing a new credit cardto help customers stay in the pinkof both financial and physicalhealth, in its push to get a biggerslice of the retail market.
The bank’s insurance unit,Great Eastern, co-launched thenew card yesterday: the OCBCGreat Eastern Cashflo Card.
The card is touted as the firstin Singapore to offer customersthe convenience of interest-freeinstalments for health productsand services.
For example, if you charge ahospital bill to the credit card, thepayment system will recognisethat it is from a health-care pro-vider and automatically spreadout the interest-free paymentsover six months.
Payment of Great Eastern poli-cy premiums will be spread over12 months, the longest inter-est-free repayment period, whileother retail spending will bespread over three months.
The card also promises healthand wellness discounts and privi-leges for customers.
Great Eastern chief marketingofficer Colin Chan said at thelaunch that there has been increas-ing awareness and demand forhealth and wellness-linked prod-ucts and services.
“This card is part of our overallfocus of trying to help all Singapo-reans live healthier and better.”
He expects a good take-up ratefor the card, though he declinedto share figures. “For our ‘LiveGreat’ card membership current-ly, we have over 130,000 for Sin-gapore alone, so that is a reflec-
tion of potential interest.”Great Eastern’s “Live Great”
programme, which offers a rangeof tools and activities aimed athelping members live healthier,was launched in early 2012.
The credit card launch comes aday after OCBC introduced a Na-tional Day home loan promotion
that promised one of the bestrates in town – an average rate of2 per cent a year for the first fiveyears.
Earlier this year, the bank alsolaunched its 360 deposit account,which offers an interest rate of upto 3.05 per cent.MOK FEI FEI
By GRACE LEONG
A HONG Kong judge who ruledthat former Ku De Ta chief execu-tive Chris Au gave false evidencein a Singapore court has referredhis findings to the Attorney-Gen-eral here.
Mr Au had told the High Courthere in a 2012 trial over the use ofthe Ku De Ta name that he had nostake in Retribution, a firm thatheld a large slice of the club at theMarina Bay Sands Skypark. Hehad said his interest in the firm
ended “around January 2010”.This contradicts his sworn affir-
mations in a case before JusticeKevin Zervos in Hong Kong’sHigh Court.
Mr Au and other investors arefighting over the $100 million inproceeds from the club’s recentsale and how club profits were al-located. The dispute centres ontheir interests in a joint venturecalled Kudeta BVI, whose sharesthey held through Retribution.
Investors Komal Patel and Har-ry Apostolides claimed they,
along with Mr Au, each held 24.17per cent of Kudeta BVI. But Mr Ausaid he had 35.5 per cent and thatthere was a binding deal to buyout his stake for $33.7 million.
It is his claimed interest in Ku-deta BVI – and through it, in Retri-bution – that prompted JusticeZervos to state that Mr Au’s testi-mony in Singapore was false andmerited referral.
“There is an obligation oncourts of different jurisdictions tocooperate with each other to en-sure that the judicial processesare not defeated and to promotethe universality of the rule oflaw,” he said on Tuesday.
Allegations of false evidencewere also made against Mr Au and
Mr Apostolides in the SingaporeCourt of Appeal proceedings onMay 26, Justice Zervos noted.
In that case, the partners of aKu De Ta outlet in Bali were ap-pealing a ruling that they do nothave the right to block the regis-tration of the Ku De Ta trade-marks in Singapore or the use ofthe name at the Singapore club.
The Attorney-General’s Cham-bers in Singapore has not receivedany correspondence on the HongKong case, a spokesman said.
Justice Zervos said: “The Courtof Appeal of Singapore may not beaware of matters that have comebefore this court and, according-ly, I do not see that this preventsme from making a referral to theAttorney-General of Singapore.”
Mr Au argued against the refer-ral, saying the court has not heardoral evidence or given a final judg-ment on the Hong Kong case.
He also said there is no findingthat he committed an offence inHong Kong and that “the alleged
offences in one jurisdiction arenot the primary concern of courtsof another jurisdiction”.
But Justice Zervos disagreed:“There does not have to be a find-ing of criminal wrongdoing tomake a referral for ‘an arguablecase of serious misconduct’... Liti-gants should (know) that there areconsequences when they say onething before the courts in one ju-risdiction and say something en-tirely different before the courtsof another jurisdiction.”
Meanwhile, Mr Au has failed ina bid to get damages for a MarinaBay Sands cafe that had failed,and the aborted purchases of luxu-ry cars that were among assets fro-zen in the Hong Kong case.
The judge said there was “alack of credible information” thatMr Au suffered any loss as a resultof an injunction that was orderedon Jan 29 to freeze the assets.
Mr Au said deposits for a Ferra-ri, a Porsche and another car hadbeen forfeited and potential resaleprofit lost. The cafe was repos-sessed on July 9 over rent arrears.
But Justice Zervos said the fail-ure of the car purchases and thecafe “had (their) genesis well be-fore the injunction was granted”.
At the launch of the OCBC Great Eastern Cashflo Card at Pickering Street yesterday were (from left) Great Eastern head ofbancassurance Jerry Ng, OCBC business head for core and commercial cards Wong Chung Yee, and chief marketing officerColin Chan and head of customer marketing Keith Chia, both of Great Eastern. PHOTO: GREAT EASTERN
Move prompted by conflicting evidencefrom club’s ex-CEO in HK and S’pore
SHARING INFORMATION
There is an obligationon courts of differentjurisdictions tocooperate with eachother to ensure that thejudicial processes arenot defeated and topromote the universalityof the rule of law.– Justice Kevin Zervos (left)
New creditcard packsfinancial andhealth perks
KU DE TA TRIAL IN HONG KONG
Judge refers findingsto Singapore A-G
B16 MMOONNEEYY F R I D A Y , A U G U S T 8 , 2 0 1 4
