Singapore's life insurance sector reports robust sales

Healthy sales of both single and annual premium products in the first quarter gave Singapore's life insurance sector a good start to the year.

The Life Insurance Association (LIA) said the weighted new business premiums came in at $698.7 million for the three months to Mar 31, an increase of 24 per cent compared with the same period a year ago.

Sales of annual premium products for the quarter rose 24 per cent over last year to $530.5 million.

Single premium product sales rose 27 per cent in the same period to $168.2 million, where 15 per cent comprised CPF-funded sales.

The industry sees the boost in sales as an encouragement.

LIA president Khoo Kah Siang said: "This growth momentum follows closely from a positive year in 2013, when we closed 28 per cent higher than the preceding year.

"We are pleased to see that annual premium products have remained consistent key drivers for industry growth despite continuing shifts in local market sentiment."

Dr Khoo added that in a fast-changing landscape, the industry has to be resourceful in addressing customer concerns and expectations.

"The impending launch of MediShield Life and the direct-to-consumer distribution channel recommended by the Financial Advisory Industry Review panel will remain a focus for the LIA and its members."