New business premiums for life insurance in first quarter rises by 9%

The insurance industry in Singapore grew at a slower pace in the first quarter this year.

Total weighted new business premiums increased by 9 per cent to $561.8 million in the three months to March 31, compared with the same period in the previous year.

In the same quarter last year, total weighted new business premiums saw a stronger growth of 12 per cent to $517 million.

The Life Insurance Association also said that regular premium products sales did well, up 19 per cent to $428.9 million year on year.

However, that was a slight drop, from 22 per cent growth to $360 million in the same period last year.