Singapore life insurance business premiums up 0.4% to $4.3b in Q4 2019

Total sum assured for new businesses grew 7% YoY to $149.5b.

Singapore’s life insurance industry posted $4.3b (US$3.1b) in weighted new business premiums for YTD Q42019, up 0.4% from 2018, the Life Insurance Association said in a press release.

Total sum assured for new businesses grew 7% growth YoY to $149.5b (US$107.9b), amidst a lukewarm economic growth for 2019, the slowest in a decade. Annual premium policies also rose 7% from 2018 to $3b (US$2.1b).

However, single premium businesses fell 12%, with weighted single premiums posting $1.2b (US$866m) mainly due to global market volatility.

Retirement policies increased 34% YTD in Q4, with 51,040 policies purchased as of 31 December 2019 as customers are urged to take retirement planning seriously. They accounted for about 11% of total weighted premiums for Q4 and totalled $469m (US$338m) in weighted premiums for 2019.

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