Singapore life insurance business jumps 15% to S$813m in Q3

LIFE insurance business in Singapore climbed 15 per cent to S$813 million in total weighted new business premiums in the third quarter of 2015, boosted by a higher uptake in annual premium products.

Total weighted new business premiums - a way to measure the growth of the life insurance industry - rose 7 per cent to S$2.17 billion for the first nine months of the year, compared with the corresponding period in 2014.

This was primarily due to new product launches, sales and marketing initiatives, as well as an increased uptake in savings-oriented products through bancassurance.

The Life Insurance Association (LIA) Singapore said on Thursday weighted new annual premiums jumped 21 per cent to S$541.9 million in the third quarter.

Weighted new single premiums also rose 5 per cent to S$271.1 million, boosted by sales of investment-linked products.

"Overall, the industry achieved a nine per cent growth to S$1.51 billion of weighted annual premium products, and a three per cent growth to S$658.9 million of weighted single premium products for year-to-date Q3 2015," LIA said.

Of the weighted single premium products, LIA said 17 per cent were CPF-funded policies.

Investment-linked products contributed S$434 million in the first three quarters of 2015, accounting for 20 per cent of total weighted new business premiums.

At S$1.14 billion, participating products continue to provide the largest contribution of 53 per cent for the period, LIA said.