Singapore's life insurance sector grows in third quarter

Healthy sales across all product lines helped Singapore's life insurance sector grow in the third quarter.

The Life Insurance Association (LIA) said the weighted new business premiums came in at $750.9 million for the three months to Sept 30, an increase of 34 per cent compared with the same period a year ago.

Sales of annual premium products for the quarter rose 33 per cent over last year to $541.9 million.

Single premium product sales rose 36 per cent in the same period to $209 million.

With the economy turning around, the industry is expected to see new sales growth as the year closes.

LIA president Khoo Kah Siang said: "Growth in both annual premium and single premium products is indicative of encouraging market sentiment and strong consumer confidence in life insurance."