Singapore's life insurance industry has reported a 45% rise in weighted new business premiums to S$460 million for the first quarter of this year, from the same period a year ago, thanks to increased consumer confidence. Sales were brisk across all insurance products.
In a statement, the Life Insurance Association says that the industry posted $294 million in weighted regular premium sales during the three-month period, up by 35% from a year ago. Single premium sales surged by 65% to
$166 million year-on-year. Total annual premiums in force for group insurance business rose by 9%, amounting to $607 million.
"Robust growth for the industry has come on the back of strong consumer confidence," said Mr Tan Hak Leh, the association's President. "The economy is in good shape and we are optimistic that the life insurance industry will remain strong throughout the rest of 2011," he added.
Of the new sales, traditional policies - or those that are not tied to investments such as bond funds and equities - accounted for 78% of the total. Investment-linked products made up the remaining 22%.
Banks are becoming an important channel for distribution, generating 37% of the total new business sales, up 14 percentage points from that achieved in the same period of the previous year. Sales through agents accounted for 48%, while new business premiums brought in by financial advisers accounted for 12% and other channels, which include direct sales, made up the remaining 3%.
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