Singapore’s life market keeps on growth track

August 9 2017 by InsuranceAsia News Staff

Singapore’s life market maintained its strong growth momentum in the second quarter of this year on the back of a surge in sales of annual-premium products.

As of end-June, the total weighted new business sales reached S$871 million (US$640 million), up 3% from the previous quarter, according to industry data.

Weighted new sales of annual-premium products topped S$605 million in the same period, an increase of 7%.

However, this growth was countered by a slump in the weighted new sales of single-premium policies to S$266 million.

Data further showed that of the single-premium sales, weighted new sales of single premium linked products leapt 44% to S$74.7 million, but the 17% fall in non-linked plans to S$191.3 million offset such growth.

Still, even in the midst of economic uncertainties, a greying population and a soft labour market, total weighted new sales grew 10% year-on-year during the first six months of the year.