Aviva full-year profits up 27 per cent on back of strong insurance sales

INSURER Aviva Singapore announced full year profits of $122 million for 2012, up 27 per cent from a year earlier.

It added that life insurance sales, which it measures as the present value of new regular premiums plus 100 per cent of single premiums, also grew 25 per cent to $1.36 billion over the year.

Strong growth was also seen throughout of all Aviva Singapore's distribution channels. Sales through both the independent financial adviser and tied agent channels were up by more than 70 per cent last year.

Its general insurance business also grew 11 per cent in 2012, mainly on the back of motor insurance sales.

Mr Nishit Majmudar, chief executive of Aviva Singapore, said the growth was fuelled by its continued emphasis on creative products specific to the needs of Singaporeans, such as Aviva's flagship retirement product, MyRetirement.

He said: "We've always placed our customers and their needs first, ensuring that the products we create fit their lives. One of our biggest insights has been that they want choice, both in terms of the product and where they can buy it."