Aviva Singapore (Aviva), one of the largest providers of healthcare and employee benefits company, released its FY2019 Results Press Release report yesterday (5 March) which detailed that Aviva experienced double-digit growth for its life business last year.
Specifically, the company experienced a 35 per cent year-on-year new business growth for the third consecutive year. From 2018 to 2019, the Annual Premium Equivalent (APE) increased S$237 million to S$319 million.
This increase in APE is due to the rise in demand for protected solutions as shown by Aviva’s disability product still being the best-selling protection product last year, the report states.
Aviva is one of the three appointed insurers right now who provides Singaporeans and Permanent Residents aged 40 and above with Eldershield Supplements as financial protection against disability.
CareShield Life, which will have a lower entry age to 30 years old from 40, will be launched by the government later this year. In addition to this, a Disability Support Programme was launched earlier this year to help with the transition for those aged 30 to 40.
The Disability Support Programme serves to offer temporary financial assistance until CareShield Life is launched.
