New Life business flat in Q3

The life insurance industry remained flat in the three months ended September 2016, with total weighted new business sales – a growth measurement – down one percent from a year ago to SGD808.2 million.

The performance was largely due to a 14 percent fall in weighted new business sales of single-premium products at SGC232.8 million in Q3.

Weighted new business sales of linked single-premium products went up one percent year on year to SGD61.2 million, while that of non-linked products fell 19 percent to SGD171.6 million for the quarter.

New business sales of annual premium products on a weighted basis rose six percent to SGD575.4 million.

Data from the Life Insurance Association Singapore (LIA Singapore) showed that banks continued to be the main channel of distribution by total weighted premium at 40 percent in Q3. Tied agents accounted for 36 percent and financial advisers 20 percent. The remaining four percent came from other products that are sold without intermediaries such as ElderShield, according to a report in the Business Times.