By Lynette Tan
DBS wants to grow bancassurance revenues and double its Singapore clients to one million in the next few years, as the unit contributes more and more to the bank's wealth management business.
"We're looking at 30 per cent or so continuing growth. We've averaged that over the last several years and we expect that to continue," Richard Vargo, regional head of bancassurance at South-east Asia's largest lender, said at a media briefing on Thursday.
Last year, DBS' bancassurance business notched over S$1 billion of new life insurance premiums across its six markets including Singapore, a 36 per cent growth year on year.
In Singapore, its largest market, DBS plans to amass a million customers over the next three years, up from just over 500,000 customers now.
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