Life insurance sales in Singapore surge 32.2% to $1.37 billion in Ql

It is the industry’s strongest performance since 2020; LIA says outlook remains bright

- Sue-Ann Tan

The life insurance industry in Singapore saw its strongest set of results in the first quarter of 2024 since the same period in 2020.

Weighted new business premiums for the quarter ended March surged 32.2 per cent year on year to $1.37 billion, the Life Insurance Association, Singapore (LIA) said on May 14. These premiums are for new policies.

Of this total, single-premium policies recorded a 46.4 per cent increase in weighted premiums to $500.4 million.

LIA said the increase in demand for single-premium policies may be attributed to a less volatile macroeconomic environment, with Singapore's economy picking up in the first three months of 2024.

Weighted premiums for annual premium policies grew 25.2 per cent year on year to $866.5 million LIA said the continued uptake in such policies "showed a sustained trend where meeting protection needs are being prioritised in Singapore".

This is further evidenced by the increase in sales of non-participating products to 42 per cent for the quarter, LIA added. Such products consist of plans that do not provide buyers with dividend payouts.