Data released by the Life Insurance Association Singapore (LIA) showed there was a 10% increase to S$547.3m in new business sales for weighted single premiums and an 11% increase to S$1.13bn for weighted annual premiums during the six months ended June 30.
The half year interim report also showed the industry recorded a 10% increase in the sum assured for new business compared to the corresponding period in 2016, totalling S$55.9bn.
“This is a positive development in the context of economic uncertainties, an ageing population and a soft labour market,” LIA said in a statement.
Around 5% of total weighted new premiums during the first half of the year period came from retirement plans, with approximately S$84m of weighted new premiums deriving from the 10,680 new retirement policies stipulated over the half year.
“While we tirelessly work towards narrowing Singapore’s protection gap, helping Singaporeans to be better prepared for retirement is also a priority,” LIA president Patrick Teow said.
“We see a steady take-up of products designed to provide regular payouts from retirement age. This shows that people are appreciating the importance of preparing ahead for their future years.”
LIA also reported an 8% increase in the number of employed individuals within the life insurance industry in thr first half of the year, with 6,857 people employed by member companies, up from 6,328 staff in same period of 2016.
“Employment in Singapore continues to grow in the finance and industry sector. The industry continues to seek talent in all areas, including underwriting and specialised digital technologies,” LIA stated.
Total assets under management
The life insurance industry manages assets of approximately S$182.4bn, up 11% compared with a year ago.
Assets of non-investment linked business accounted for S$151.3 bn, while the remaining S$31.1bn were assets held for investment-linked business.