Company Briefs: Genting Singapore; Life Insurance Association

Genting Singapore

Integrated resort operator Genting Singapore yesterday saw first-quarter net profit decline 5 per cent to $205.5 million as gaming revenue fell.

Earnings per share for the first quarter ended March 31 stood at 1.7 cents, down from 1.8 cents last year.

This came as first-quarter revenue dropped to $640.4 million, down 5 per cent from the same period a year ago, alongside gaming revenue, which tumbled 8 per cent to $430.2 million.

Non-gaming revenue was up by 1 per cent to $209.3 million, with higher spend per visitor, said Genting, which operates Resorts World Sentosa (RWS) in Singapore.

According to Genting, its key attractions drew daily average visits of more than 19,000, while hotel occupancy clocked in at 93 per cent during the quarter.

Genting last month said it has committed to investing around $4.5 billion to revamp and expand RWS, including growing the Universal Studios Singapore park.

The exclusivity period for the city-state's two casino-resorts was extended to 2030. However, the casino entry levies were also raised by 50 per cent each to $150 for a day pass and $3,000 for an annual pass.

Life Insurance Association

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 this year, the Life Insurance Association Singapore (LIA) said yesterday.

The 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. About 10 per cent were CPFIS-included products, while 90 per cent were from cash-funded products.

The industry also recorded an 84 per cent rise in the uptake of retirement policies for the first quarter to 12,213 policies, from 6,631 policies a year ago. Such policies 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.

A version of this article appeared in the print edition of The Straits Times on May 10, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe