Sales of life products in Singapore grow by 15%

Added 14th February 2017

Singapore’s life insurance industry continued to grow in the fourth quarter of last year driven by rising sales in annual premium products, latest figures show.

Sales of life products in Singapore grow by 15%

Data published by the Life Insurance Association (LIA) Singapore on Tuesday found that for the three months to the end of December 2016, total new business sales rose 15% year on year to S$955.3m (£526m, $671m, €631m).

This was largely due to the rise in sales of annual premium products.

New sales of annual premium products, including whole life policies, also soared by 20% year on year to S$661.1m.

Meanwhile, new sales of single premium products went up by 4% to S$294.2m, spurred by stronger performances of linked and non-linked plans.

Sales of linked plans rose 10% to S$67.3m while sales of non-linked plans improved by 3% to S$226.9m.

Correspondingly, total new business sales for the full year rose 10% to S$3.29bn, due to a 10% rise in sales of annual premium plans - the bulk of the total new sales - to S$2.26bn.

On the single premium side, new sales for the year climbed 9%, mainly due to the 15% rise in non-linked plans, which was partly offset by the 7% fall in linked policies' sales.

Data from LIA also showed that banks continued to be the main channel of distribution by total premiums at 38% in 2016, with tied agents accounting for 37% and financial advisers continued on its upward trend at 21%.

The remaining 4% came from other products that are sold without intermediaries, such as direct purchase insurance and ElderShield.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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