Singapore's top 50 insurers see 3.7% YoY asset decline

Experts' industry outlook for 2023-2024 centre on digital evolution with Al, protection gaps, strategic partnerships, and resilience amidst challenges.

- Olivia Tirona

Singapore's top 50 insurers saw their assets shrink by 3.7% in 2022, a stark contrast to the 5.1% growth recorded in 2021, as seen in Insurance Asia’s Rankings. Thanks to changing economic conditions, rising inflation, and geopolitical uncertainties, the life insurance business was a huge disappointment with a 4.1% year-on-year (YoY) dip.

Bucking this trend are Singapore’s general insurers, who saw a modest 9.7% growth, as reported by the Ministry of Trade and Industry.

The rankings compiles an annual roster of the 50 leading insurance companies in Singapore, based on their assets. The information is sourced from the annual statistics provided by the Monetary Authority of Singapore (MAS), with the latest rankings reflecting data from 2022 and making YoY comparisons.

The annual rankings saw 21 life insurers, 23 general insurers, four life reinsurers, and two general reinsurers in the top 50 list.

Amongst the top 10 insurers, seven saw contractions in their annual increments whilst only two recorded growth, and the other saw no statistical change. Keeping the top spot as last year was Great Eastern Life, despite a 1.52% YoY shortfall in its assets. AIA Singapore also stood firm at second place, amidst a drop in assets by 11.45% YoY.