Industry Performance

Four straight quarters in 2010 boost performance by 16 per cent

With a strong fourth quarter showing, the life insurance industry ended the year on a high note, recording a robust 16 per cent growth over the previous year. The four consecutive quarters of positive gains enabled the life insurance industry to pull in a total of $1,651.3 million of weighted* new business premiums for the year of 2010, up from $1,427 million.  
 
The performance was boosted by strong annual premium sales, which reached...

-- Published 09 February 2011 --
Consecutive quarter-on-quarter increases augur well for 2010

The life insurance industry pulled in a strong performance in the first nine months of 2010, sustained by robust economic and market conditions. Sales were 17 per cent higher compared to the same period last year. Total weighted* new business premiums registered at $1,125.6 million, up from $963 million.

Mr Tan Hak Leh, President of the Life Insurance Association of Singapore (LIA), noted that this was the third...

-- Published 04 November 2010 --
LIA is optimistic momentum will continue for the rest of the year

The life insurance industry experienced a 28 per cent sales boost in the first half of 2010 with total weighted* new business premiums at $671 million, up from $524 million in the corresponding period in 2009.

Backed by strong economic conditions and positive market sentiments, sales were robust for all products.  Regular premiums sales reached $518 million, registering a 26 per cent growth over the figures achieved for...

-- Published 05 August 2010 --
Across the board sales boost performance

The life insurance industry started the year on a high note. The first quarter recorded a total of $315 million in weighted* new business premiums, representing an impressive 43 per cent increase over the corresponding quarter in 2009.

The strong performance was boosted by robust sales across all products. Regular premiums sales reached $244 million, registering a 40 per cent growth over the figures achieved for the same period in 2009. Single premium sales soared to $1.01 billion in...

-- Published 06 May 2010 --
Singapore life insurance industry poised for further recovery

The upturn in business continued into the fourth quarter, making it three consecutive quarters of positive gains. The life insurance industry achieved $449 million of total weighted* new business premiums during the fourth quarter of 2009, representing a 6 per cent increase over the preceding quarter.

Annual premium sales made a strong contribution of $303 million, up by 10 per cent compared to the previous quarter of $274 million. Single premium sales fell slightly...

-- Published 12 February 2010 --

 Continuing the upturn in business from the last quarter, the life insurance industry achieved $426 million of total weighted* new business premiums during the third quarter of 2009, representing a 40 per cent increase over the preceding quarter (Q2 2009) and an increase of 94 per cent over Q1 2009.

The positive showing was due to single premium sales earned in the third quarter of 2009 amounting to $1.85 billion.

Mr Darren Thomson, President of the Life...

-- Published 12 November 2009 --
LIA is hopeful that business recovery will be sustained

Following two quarters of dismal results in the wake of the financial meltdown of September 2008, the Life Insurance Association today reported an upturn in sales in the second quarter of 2009, heralding optimism that the worst may indeed be over.

The life insurance industry recorded $304 million of total weighted* new business premiums during the second quarter of 2009, representing a 38 per cent increase over the preceding quarter (Q1 2009) and a slight increase (3 per...

-- Published 12 August 2009 --
Industry remains hopeful despite 56 per cent drop in first quarter sales

The life insurance industry felt the impact of the current global economic recession with a 56 per cent quarter-on-quarter drop in sales for the first quarter in 2009. On a weighted basis*, it recorded $220 million of new business premiums.

The decline was most significant for single premium sales, which plunged 77 per cent from $2.76 billion in the corresponding quarter last year to $644 million this quarter. According to the Life Insurance Association (LIA), single...

-- Published 30 April 2009 --
Annual premium sales boost performance

The life insurance industry saw a silver lining in its 2008 results posting a three per cent growth for 2008. On a weighted basis*, the industry chalked up a total of $1.71 billion of new business premiums in 2008.

The main contributing factor to this positive result was steady quarter to quarter annual premium sales. A total of $995 million of annual premium sales were made, representing a remarkable 21 per cent growth over 2007.

Single premium sales totaled $7.64 billion, a...

-- Published 05 February 2009 --
Regular and non-CPFIS single premiums sales boost performance

During the first nine months of 2008, the life insurance industry recorded $1.42 billion of total weighted* new premiums - this sales figure represents an increase of 21 per cent over the corresponding period in 2007.

The good showing was due to robust annual premium sales during the first nine months of 2008. Regular premium sales showed a significant jump of 36 per cent, boosting total new premiums to $775 million, up from $571 million a year ago. There has been steady quarter-to-...

-- Published 04 November 2008 --