The Monetary Authority of Singapore licence allows Aviva Investors to provide fund management services in the city-state to both retail and institutional clients, across segregated mandates, closed-ended and open-ended funds.
Aviva needs to convince the market it has an exciting growth story. And the launch of an Asian general insurance business is unlikely to do the trick, writes Hester Plumridge of Dow Jones in his Heard on the Street column.
Aviva’s decision to launch an online car insurance business in Singapore is a prelude to expansion into motor, home and travel insurance across Asia. It contrasts sharply with rival Prudential’s decision last month to acquire AIA for US$35.5 billion ($49.3 billion), giving it a No. 1 position in seven Asian countries. Aviva is a much smaller regional player, ranking fifth in Singapore, and fourth among Chinese foreign insurers, and its strategy is far more cautious. For now, the launch is limited to one country, and will add just one new member of staff.
