Data from the Life Insurance Association Singapore shows that the industry last year achieved S$2,007m ($1,585m) in new business premiums, compared with S$1,651m in 2010.
However, new business growth slowed slightly in the fourth quarter, and the period was also marked by a strong divergence in demand for annual-premium and single-premium products.
While annual-premium products grew strongly at 19%, compared with the equivalent three-month period in 2010, the association revealed that single-premium business fell by 23%.
This was a significant turnaround for the single-premium sector from the third quarter of 2011, when, as International Adviser reported, business increased by 16%, year-on-year.
“The overall results point to the fact that the industry remains in a strong position,” said Tan Hak Leh, president of the Life Insurance Association. “The economy as well as consumer sentiment went through uncertain times during 2011, and it’s good to note that the industry has remained resilient.
“We owe this to a combination of the resourcefulness of our industry in delivering pertinent products and quality servicing and consumer confidence in life insurance solutions for their financial plans.”