Singapore life insurance sector sees 1% rise in new business premiums for Q1 to S$937.2m: LIA

SINGAPORE’s life insurance industry saw a 1 per cent growth in weighted new business premiums to S$937.2 million for the first quarter of 2019, the Life Insurance Association Singapore said on Thursday.

Uptake of annual premium policies for the first quarter rose 11 per cent year on year to S$712.5 million in total weighted annual premiums. The uptake of single premium policies also declined 20 per cent from a year ago, due to subdued global and local economic growth, LIA said. Weighted single premiums amounted to S$224.7 million for the first quarter, with single premium par and non-par products making up 78 per cent, and single premium linked products making up 22 per cent of the amount. Some 10 per cent were CPFIS-included products, while 90 per cent were from cash-funded products.

Integrated shield plans and and IP rider premiums accounted for S$83.8 million, while S$13.5 million came from other medical plans and riders.

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