• OCBC’s Q1 profits drop 14% to $856m Singapore Business Review
    OCBC’s Q1 profits drop 14% to $856m

    Blame it on lower insurance, increased allowances. OCBC closed 1Q16 with soft results as net earnings of $856m. This reflects a plunge of 14% YoY and 11% QoQ. According to a news release by OCBC, though ...

  • Daily Briefing: OCBC's profit falls 14%; Industrial prices, rents decline in Q1 as vacancy rises

    Oversea-Chinese Banking Corp., Singapore’s second-largest bank, said first-quarter profit dropped 14 percent, as provisions for bad loans more than doubled and the contribution from its insurance unit declined. Prices and rents of industrial spaces in Singapore fell in the first quarter of 2016, as vacancy rates continue …

  • Online hiring for finance, accounts roles sees grows 7% in March

    Online hiring in Singapore’s banking, financial services and insurance (BFSI) is seeing a slight pick-up, according to the latest Monster Employment Index. The MEI measures online job hiring activity monthly, and records industries and occupations that exhibit the highest and lowest growth in online recruitment activity …

  • Great Eastern’s net profit plummets by 56% to $96.9m

    Favorable financial conditions evaded the most established life insurance group in Singapore and Malaysia, as the firm’s operating profit dropped by 20% to $120.4m due to higher claims in the non-participating fund. According to a press release by Great Eastern, the profit contribution from Malaysia in SGD terms was also …

  • Chart of the Day: Singapore redundancies count edging close to financial crisis levels

    Don’t look now, but the city-state’s workers are being laid off at financial crises rates, as business restructurings are aggravated by the soft economy. According to a report by OCBC, manufacturing (offshore and marine, construction) and services (legal and accounting services, financial and insurance services) sectors …

  • Give Yourself an Annual Financial Checkup By Doing These 4 Things

    Credit card bills can be paid by Interbank GIRO so you’ll never have to worry about missing another payment. As for other bills like insurance and so on, check if you can pay them automatically by credit card or by deduction from your savings account.

  • Since the Government is Not Going to Mandate Unemployment Benefits, How Should Singaporeans Protect Themselves?

    The government recently announced that unemployment benefits and redundancy insurance have no place in Singapore. While 9 in 10 companies supposedly pay workers retrenchment benefits, the likelihood of highly trained middled aged PMETs quickly replacing their lost income is discouragingly low, and if you’re one of the …

  • Transamerica Life Bermuda rides the rising wave of Asian wealth

    Transamerica’s CEO explains how the rise of young High Net Worth individuals (HNWIs) in Asia is changing the region’s life insurance landscape. “Asia is expected to surpass North America as the world’s wealthiest this year, with rapid, concentrated growth of wealth especially across emerging markets,” says Damiaan Jacobovits …

  • 5 Work Benefits Singaporeans Would Love to Receive

    Well, just imagine if you had to spend a big chunk of your salary on health insurance and medical care, taking a taxi home after a late night at the office or eating out after a long evening at work. Public transport in Singapore is cheap, but having to use it each and every day can be a drag. Some companies, bless their …

  • Singapore cyber insurance market to skyrocket by 50% in 2016

    As Singapore pushes to become the world’s first Smart Nation, more and more businesses are turning to cyber insurance to mitigate the fallout of possible cyber attacks. According to a report by AIG Singapore, the cyber insurance market in Singapore is expected to skyrocket by 50% this year. The insurance company further …

  • Customer dissatisfaction with insurance providers on the rise, reveals survey

    Customers grew more dissatisfied with insurance providers in 2015, according to the latest Customer Satisfaction Index of Singapore (CSISG). The index was conducted by the Institute of Service Excellence (ISES) at the Singapore Management University (SMU). The fourth-quarter figures for the finance & insurance sector …

  • Singapore banking, finance sector posts -4% growth in online hiring in February

    The sluggish economy is making employers cautious. Sluggish economic growth throughout the region has hurt Singapore’s bank, financial services, and insurance (BFSI) industry, as online recruitment activities ...

  • Ten financial advisers slapped with hefty fines for coercing iFAST

    The Competition Commission of Singapore has penalised ten financial advisers for coercing iFAST Financial to withdraw its offer of a 50% commission rebate on competing life insurance products on the Fundsupermart.com website. The companies which suffered the biggest fines are Professional Investment Advisory Services (PIAS) …

  • MAS to life insurers: Focus on quality to avoid irate consumers

    Service standards remain below par, central bank said. Technological advancements have been accelerating at a breakneck pace, and along with it comes the rapid rise of consumer demands, which is also evident in the life insurance business. In a speech by Chua Kim Leng, assistant managing director of the Monetary Authority …

  • Funds under CPF Investment Scheme posted marginal losses in 2015

    Returns dropped by -0.19%. The performance of all unit trusts and investment-linked insurance products (ILPs) that are included under the Central Provident Fund Investment Scheme (CPFIS) was marginally ...

  • Zurich Life Insurance debunks report of potential Singapore exit

    Zurich Life Insurance will not exit its operations in Singapore and Hong Kong despite mounting losses. The group issued a statements following reports that it was exploring a sale of its Singapore and Hong Kong businesses as part of a review of its non-core operations in Europe. “We remain committed to our General Insurance …

  • Are Singaporeans’ Travel Plans and Insurance Going to be Affected by the Zika Virus?

    There may not have been any confirmed cases of zika virus infection in Singapore to date, but the horror stories of a purported link between zika virus infection and birth defects have made people sit up and take notice. If, like many Singaporeans, you’re an avid traveller, are your travel plans and insurance going to …

  • 3 Big Life Changes That Will Have a Huge Impact on Your Finances

    Despite the prosperity of the country’s economy, bread and butter issues and the fear of not having enough money for survival and retirement are hands down Singaporeans’ biggest fears. It shouldn’t be this way, but many Singaporeans’ biggest fear is going bankrupt thanks to a serious illness or injury that requires a long …

  • Great Eastern’s net profit jumps by 5% to $218.8m in Q4

    The city-state’s largest life insurance firm bucked a loss in its shareholders’ fund’s investments as it raked in hefty profits from its insurance business to pose a 5% growth in its bottomline. According to a press release by Great Eastern, operating profit from its insurance business grew by 9% to $169m, boosted by a …

  • Life insurers boast robust business growth in 2015

    Premium sales jumped 4% to $2 billion. The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to December 2015 (YTD 4Q2015). Singapore’s life insurance ...

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