SINGAPORE - Singapore's life insurance industry saw a 1 per cent growth in weighted new business premiums to $937.2 million for the first quarter of 2019, the Life Insurance Association Singapore (LIA) said on Thursday (May 9).
Uptake of annual premium policies for the first quarter rose 11 per cent year on year to $712.5 million in total weighted annual premiums.
The uptake of single-premium policies fell 20 per cent from a year ago, due to subdued global and local economic growth, LIA said.
Weighted single premiums amounted to $224.7 million for the first quarter, with single-premium par and non-par products making up 78 per cent, and single premium-linked products making up 22 per cent of the amount. About 10 per cent were CPFIS-included products, while 90 per cent were from cash-funded products.
The life insurance industry also recorded an 84 per cent increase in the uptake of retirement policies for the first quarter to 12,213 policies being purchased, from 6,631 policies a year ago. These refer to policies which provide regular payouts during a policyholder's retirement years.
Out of total weighted premiums, $109 million came from retirement policies, while $97.3 million came from individual health insurance.
Integrated shield plans (IP) and IP rider premiums accounted for $83.8 million, while $13.5 million came from other medical plans and riders.