New business sales of life products were up 20% in Singapore during the first half of 2018, compared with the same period last year, figures from the Life Insurance Association (LIA) Singapore reveal.
Single premiums increased by 24%, while annual new business sales rose 18% in the six months to 30 June 2018
Total premiums hit S$2bn (£1.14bn, $1.45bn, €1.28bn), up from S$1.68bn a year ago.
Singapore’s life insurance industry manages assets of around S$202.1bn, an increase of 11% from last year.
Non-investment linked business accounted for the bulk of the assets at S$167.1bn, with the remaining S$35bn investment-linked.
How were the products distributed?
Tied representatives remain the strongest distribution channel in Singapore, responsible for 37% of premiums and 51% of policies during H1 2018.
Bank reps are responsible for the same proportion of premiums as tied reps, but sell only 12% of policies.
Financial Advisers rank third, with 21% of premiums and 20% of policies.
Health insurance and retirement
New business premiums for individual health insurance amounted to S$205.9m in the six-month period.
LIA Singapore said more people took action to provide for their retirement, with 14,505 policies designed to provide regular pay outs during retirement being bought in the first half of 2018.
This is an increase of 36% compared with last year.
Patrick Teow, president of LIA Singapore, said: “Later this year, we’ll be announcing key actions that the industry will take to help individuals within segments of the community enhance the adequacy of their protection and financial provision.”
