Life insurance business continues to grow despite tough times
DESPITE a slowdown in the economy, the life insurance industry continued to grow, buoyed by the relatively less sentiment-driven demand of protection plans.
The Life Insurance Association (LIA) reported today that weighted new business premiums in the third quarter was $562.3 million, up 8 per cent from the same quarter last year.
For the first nine months of the year, new business premiums were up 10 per cent to $1.61 billion from a year ago.
Growth in the first nine months was buoyed mainly by the growth in regular premium products, which grew 20 per cent in the first three quarters of this year to $1.16 billion. On the other hand, weighted new sales of single premium products fell 10 per cent to $447.3 million from the same period last year.