Life sales slows in second quarter

Singapore: The life insurance industry reported slower growth in the second quarter, with the total weighted premium down by 10 percent year on year to SGD660.3 million (USD528.2 million), according to statistics released by the Life Insurance Association.

The decline was mainly due to a drop of 19 percent in the sales of annual premiums products to SGD450.1 million in the quarter. Khoo Kah Siang, president of the association, said that this was mainly due to an increase in the premium for health insurance premiums last year, which resulted in a high base.

For the first half of the year, total weighted premiums improved by one percent year on year to SGD1.315 billion. Sales of annual premium products dropped by five percent year on year.

Looking ahead, the association said demographic changes in Singapore, such as an emerging affluent class and an aging population, will fuel need for protection and retirement plans in the future.