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New insurance business in Singapore muted in Q3
SINGAPORE's life insurance industry remained flat in the three months ended September, with total weighted new business sales - a growth measurement - down one per cent from a year ago to S$808.2 million.
The muted performance was largely due to a 14 per cent fall in weighted new business sales of single-premium products at S$232.8 million in Q3.
Weighted new business sales of linked single-premium products went up one per cent year on year to S$61.2 million, while that of non-linked products fell 19 per cent to S$171.6 million for the quarter.
New business sales of annual premium products on a weighted basis rose six per cent to S$575.4 million.
Data from the Life Insurance Association Singapore (LIA Singapore) showed that banks continued to be the main channel of distribution by total weighted premium at 40 per cent in Q3. Tied agents accounted for 36 per cent and financial advisers 20 per cent.The remaining four per cent came from other products that are sold without intermediaries such as ElderShield.
As at end September, 2.87 million lives are covered by health insurance with total premiums amounting to S$1.37 billion.
Separately, following the move of Philip Seah to Prudential Asia from the Singapore operations, AIA Singapore's chief executive Patrick Teow has been elected as deputy president. He works alongside deputy president and Income's chief executive Ken Ng and the association's president Khoo Kah Siang, who is from Great Eastern Life.