Prudential buys over agents

Prudential Singapore is buying over agents from competitors by offering a 'buy-over' package. Prudential targets to recruit 2,000 agents this year, to grow its existing pool of 3,500 to 4,500 by end of the year.

The 'buy-over' package consists of payment to new recruits an average of their past 2 years' income spread over the next 24 months, in addition to the commission of their new sales. The condition is the new recruits must sell as much as they have done over the past 2 years.

Other industry statistics:

• AIA: current agency force - 4,000, targets to recruit 1,000 this year
• Great Eastern: current agency force - 2,534, targets to recruit 60 to 80 per month

Source: Strait Times