New business premiums for life insurance sector jump 20%

There was a slight shift of consumers' interest away from participating policies to both investment-linked insurance products (ILPs) and non-participating products like term policies.
There was a slight shift of consumers' interest away from participating policies to both investment-linked insurance products (ILPs) and non-participating products like term policies. PHOTO: ST FILE

Boost from strong sales of ILPs and positive attitude towards protection and retirement needs

The life insurance industry put up a robust performance in the first half of this year, boosted by strong sales of investment-linked plans and a positive attitude towards protection and retirement needs.

Weighted new business premiums jumped 20 per cent to $2.02 billion from the same period last year, according to the Life Insurance Association Singapore (LIA).

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A version of this article appeared in the print edition of The Straits Times on August 14, 2018, with the headline 'New business premiums for life insurance sector jump 20%'. Print Edition | Subscribe