Tuesday, May 8, 2012

Singapore life insurance, bancassurance sales hit a high of 41%

Life Insurance Association of Singapore released the latest 1st quarter 2012 results.

Highlights of the results:
Singapore's life insurance distribution channels
Tied insurance agents contributed 42% of weighted new business sales for the first quarter of 2012. The bancassurance channel accounted for 41% of sales, up 4 percentage points from that achieved in the same period in 2011. The rising trend of new business sold through banks was first observed in early 2011 and the momentum has been sustained. The sales are mostly of regular premium savings oriented products.
Financial Advisers contributed 14% of sales whilst other channels, including direct insurance sales, made up the remaining 3%.

New business premiums
The life insurance industry is off to a cautious start for 2012 with a 12% growth in weighted sales for the first quarter of 2012. A total of $517 million in weighted* new business premiums have been collected, up from $460 million achieved in the same quarter last year.
This performance was supported by regular premium products where weighted regular premium sales contributed $360 million in the first quarter of 2012, a 22% growth over the same period in the previous year.
There was however, a decline of five per cent for single premium products. An overall $157 million of weighted single premiums were received, down from $166 million for the same period last year. Of this amount, 15% comprised CPF-funded sales.

Singapore Life Insurance Outlook
“The life insurance industry continues to face challenging conditions this year as the global economy remains uncertain and interest rates stay close to historical low. We are bracing ourselves for slower growth in 2012,” said Mr Tan Hak Leh, President of the Life Insurance Association.

1 comment:

  1. Great Blog! Very informative, I appreciate all the information that you just shared with me very much and I also bookmarked this on dig too. Take care and I'll be back to read more in the future.
    Auto Insurance Westlake Village