Singapore's life insurance sector sees slower growth in Q2

The life insurance sector reported slightly slower second-quarter growth, due to a higher base last year. -- PHOTO: ST FILE
The life insurance sector reported slightly slower second-quarter growth, due to a higher base last year. -- PHOTO: ST FILE

SINGAPORE - The life insurance sector reported slightly slower second-quarter growth, due to a higher base last year.

Weighted new business premiums - a key industry performance gauge - came in at $660.3 million for the three months to June 30, a fall of 10 per cent over the same period last year.

Single premium product sales rose 16 per cent per cent to $210.2 million in the same period.

Annual premium products for the quarter fell 19 per cent over last year to $450.1 million, said the Life Insurance Association (LIA) on Tuesday.

For the half year, weighted new business premiums inched up 1 per cent to $1.3 billion, over the same period last year.

The increase was due to single premium product sales rising 20 per cent to $378.4 million, where 15 per cent were CPF-funded policies.

Annual premium products for the six months to June 30 fell 5 per cent to $937.3 million over the same period last year.

LIA president Khoo Kah Siang said: "The life insurance industry continues to grow... our financial strength, pro-active efforts and close collaboration with key stakeholders ensure that we are well-placed and ready to implement industry changes that will benefit all parties."

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