Market Updates?

Product News
Prudential launched Pru Universal Vantage Portfolio in USD currency, which consists of:
- Pru Universal Vantage Zenith – a single premium whole-life plan that offers protection as well as potential returns from accumulated value. The latter is projected to be equivalent to the sum assured at the age of 100.
- Pru Universal Vantage Optimum – a single premium whole-life plan that offers higher protection at the expense of lesser accumulated value. The latter is projected to reduce to zero at the age of 100.

Manulife launched mBreeze – a personal accident plan that includes medical reimbursement for third degree burns, food poisoning and dengue fever.


Advertisements/Promotions & Company News
Insurers
Great Eastern rolled out “There will never be another you” campaign on TV, print and online media.

Great Eastern launched the Live Great loyalty program that features the following:
- Health & Wellness online portal that provides information and tips on staying healthy, as well as products and services members of the loyalty program can enjoy at discounted rates.
- Wellness profiling facebook app that offers a simple health risk assessment to determine how your lifestyle fares and what actions need to be taken.
- Great Eastern‟s 21 Days mobile app that helps members to track their progress towards better health on daily basis.
- Partnership with more than 500 establishments across Southeast Asia to incentivize and reward members of the program.

Market Scan – Latest Industry News
AXA kicks off a new branding campaign with the key message to „cross over to AXA‟. The campaign runs across various channels: TV, newspapers, radio and outdoor (bus, MRT and central locations).

Banks/financial institutions
Standard Chartered launched a new product: Bonus$aver that links credit card spend with interest rate in savings account. Customers can earn interest rate up to 1.88% p.a. on their current account with minimum $500 spent on their credit/debit card (bonus interest is applicable only on the first $25,000). The bank is expecting 300,000 new current accounts in three years as a result of Bonus$aver.

Others
Life insurance weighted premiums grew by 3% in Q4 from same period last year, totaling $542.9 million. The weakened growth was largely due to the drastic drop in the single premium business, which fell 23% to $156.5 million from last year. Uncertain market conditions were cited as the main reason for the drop. Meanwhile, health insurance sales grew by 6% from $156 million to $165 million, led by integrated shield plans and riders. In terms of distribution, share of tied representatives fell to 49% from 56%. The drop was absorbed by bancassurance channels.

Market Scan – Latest Industry News
Household income
The median household income of Singaporeans in 2011 increased by 11% from $6,342 to $7,037. At the top 10%, average monthly household income jumped by 7.9% to $27,867; while for the bottom 10%, average monthly household income increased by only 0.9%, amounting to $1,581. The figures are for Singaporean and permanent resident households with at least one working member, and include employer CPF contributions.

* Source: Local press, competitors’ websites, financial institution websites, LIA statistics & financial news websites.