09 Feb '11, 12pm

Life insurance business riding high exceeding pre-crisis levels

BOOSTED by strong economic conditions, the life insurance industry saw its level of new business sales for last year returning back to pre-crisis levels. After four straight quarters of strong growth last year, the industry ended the year on a high note, achieving a robust 16 per cent growth in weighted new business premiums to $1.65 billion. Of that, $527.9 million was recorded in the fourth quarter, a 17 per cent rise over the same period in 2009. This is according to the latest figures released by the Life Insurance Association (LIA) on Wednesday. The performance was boosted by strong annual premium sales, which reached $1.09 billion, up 20 per cent from previously. Single premium business made a strong contribution of $562.1 million, a 9 per cent improvement year-on-year. Of this amount, 18 per cent were Central Provident Fund-funded sales. An encouraging trend is the ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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