09 Feb '11, 9am

Life insurance sales picking up

SINGAPORE: The robust economic growth in Singapore last year has given a boost to the life insurance industry which posted a 16 per cent on-year increase in total sales for 2010. For the fourth quarter ended December 31 last year, the Life Insurance Association Singapore (LIA) said total sales grew by 17 per cent to S$528 million, up from S$452 million in the same period a year ago. Meanwhile, total new business sales for the year surpassed S$1.65 billion, up from S$1.43 billion a year ago. Annual premium sales for the 12-month period also exceeded the S$1-billion mark last year, up 20 per cent from a year ago. Health insurance sales also grew, by almost seven per cent to S$156 million, reflecting higher demand for medical coverage with rising medical costs. LIA attributed the gains to economic recovery and a rising a immigrant population. LIA said it also expects new busi...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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