Singapore's life insurance business up 9% to S$832.2m in Q4 2015

SINGAPORE'S life insurance business grew 9 per cent year on year to S$832.2 million in the fourth quarter of 2015 in total weighted new business premiums - a way to measure the growth of the life insurance industry - lifted by sales of non-linked weighted single-premium plans.

Weighted single-premium sales in the fourth quarter rose 28 per cent to S$281.9 million, driven by a 37 per cent increase year on year for non-linked single-premium plans to S$220.9 million.

Weighted annual premium sales for the quarter inched up marginally by one per cent to S$550.3 million.

For the full year, total weighted new business premiums rose 8 per cent year on year to nearly S$3 billion, lifted by the sales of single premium-linked products.

Weighted single-premium sales rose 9 per cent to S$940.8 million in 2015, of which single premium-linked sales comprised 26 per cent, while CPF-funded policies made up 16 per cent.

Weighted single premium-linked plans rose 22 per cent to S$244 million and non-linked sales climbed 6 per cent to S$696.8 million.

In 2015, weighted annual premium sales rose 7 per cent to S$2.06 billion.

Khoo Kah Siang, president of the Life Insurance Association Singapore, on Wednesday noted that the industry recorded healthy growth across all types of businesses and provided new protection cover totalling S$101.2 billion compared to 2014, which represents a 14 per cent rise in new business sum assured.

He added that the Integrated Shield Plan (IP) insurers have been working with the Ministry of Health on the standard class B1 plan, which will be announced soon.