05 May '11, 7am

New life insurance business premiums up 45%

BOOSTED by strong single premium sales, the life insurance industry's weighted new business premiums amounted to $460 million in the first quarter, up 45 per cent from the same period last year. The robust growth was mainly driven by a strong 65 per cent expansion in single premium sales to $166 million from previously, said the Life Insurance Association (LIA) on Thursday. Of this, 17 per cent comprised sales funded from Central Provident Fund monies. Most of the single premium sales were generated from short-term endowment plans which attracted consumers who are looking for alternative investments to bank deposits. Such products typically guarantee some fixed return and have short-term maturities of three to five years. As such, they were viewed as an alternative option to bank deposits though they carry different risks, said LIA president Tan Hak Leh.

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

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