SINGAPORE: Singapore’s life insurance business dipped in the first three months of this year as total weighted new business premiums – a key metric for the industry – down one per cent to $649.4 million, according to figures on Thursday from the Life Insurance Association Singapore.
LIA Singapore said single premium products where consumers pay only a one-time premium – rose 22 per cent to $204.4 million, of which 16 per cent were CPF-funded policies.
However, this was offset by a nine per cent fall in annual premium products to $445 million, which the association attributed to the comparable period last year being the last quarter which carried the impact of insurers’ pricing revisions in 2013.
The total sum assured for new business rose four per cent to $19.9 billion from the year-ago quarter.
