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10% growth for Singapore’s life insurance industry in 2016

  • Publish Date: Posted about 7 years ago

Singapore's life insurance industry grew by 10% to S$3.29 billion for 2016, boosted by a strong Q4 sales performance. The strong performance is mirrored in the increase in the total sum assured for new business which rose by 15% to S$117 billion. Weighted single premium product sales jumped 9% to S$1.03 billion, strengthened by a 15% growth in non-linked products, such as term, whole life and savings plans, to S$799 million. For the final quarter of 2016, total weighted new business premiums rose to S$955.3 million, up 15% on the quarter before. This was fuelled by a robust growth of 20% in annual premium sales to S$661.1 million whilst weighted single premium products registered a 4% increase to S$294.2 million.