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."