Aviva 2013 Annual Report Download - page 42

Aviva plc
Annual report and accounts 2013
40
Market focus continued
Khor Hock Seng
CEO, Aviva Asia
Asia
In Asia we are focused on growth, primarily in China
and South East Asia.
Our strategy
Our Asian businesses are future cash generators.
Our strategy is to expand protably into selected
areas of this growing market, supporting growth
in the Value of New Business (VNB), a key element
of the investment thesis. We continue to review
our product and distribution mix to maximise
value of new business, growing in channels,
product lines and locations which offer the
greatest opportunities.
In order to contribute to Aviva’s future
growth, our primary goal is to meet the needs
of customers in China and South East Asia.
We want to grow our businesses in a sustainable
way, over the long term.
Alongside the rapid growth of our business
in Singapore and China, in January 2014, we
announced plans, subject to regulatory approval,
to form an equal joint venture partnership with
Astra International, Indonesia’s largest publicly
listed company, to sell and distribute life insurance
products in Indonesia. The partnership will also be
the preferred life insurer for Astra’s 179 afliated
companies including PermataBank2, one of
Indonesia’s top ten banks.
In Singapore, to complement our successful
bancassurance business, we have a leading
position in the nancial advisory channel.
In China, to get closer to our customers, our
strategy is to grow our multi-distribution channels
in second and third tier cities and we are a leading
foreign insurer in ve of the 12 provinces in
which we operate, with a presence in 54 cities.
We are making it easier and simpler for
customers to come to us direct by growing and
enhancing our product portfolio, for example
offering convenient protection and savings
products. In China we recently launched an
‘all-in-one’ protection product. This product
makes it simpler to buy comprehensive life cover
as we have bundled together benets relating
to life and critical illness into one product.
We’re responding to customers’ increased
use of technology and providing new ways of
buying our products in China and Singapore.
An example of this is our travel insurance app in
Singapore which allows customers to buy travel
insurance on the move, for example on their
way to the airport, using their mobile devices.
We are one of the rst insurers in Singapore
to launch an online only, direct-to-consumers
general insurance offering, which we continue
to strengthen.
We are also servicing and approving
policies faster and more efciently by using
straight-through processing technology which
means information comes to us directly no matter
where our customers purchased our product.
Business
in brief
We offer:
Protection, savings,
pensions, accident and
health insurance
3m1
Customers
1,100
Employees
For more information
about market priorities,
turn to page 20
Market type
Growth
Asia
We continue to review
our product and distribution
mix to maximise value
of new business.
Khor Hock Seng
CEO, Aviva Asia
1 This represents unique customers and not the number of people who are covered by our policies, which is considerably more.
2 Subject to regulatory approval.
3 OECD: General assessment of the current economic situation November 2013.
4 Swiss Re Sigma: World insurance in 2012.