05 May '11, 11am

Life insurance industry reports 45% rise in new business premiums

SINGAPORE : Singapore's life insurance industry has reported a 45 per cent rise in weighted new business premiums to S$460 million in the first quarter, from the same year-ago period, amid revived consumer confidence. New business sales amounted to just S$318.1 million during the January to March period last year. In a press statement released on Thursday, the Life Insurance Association said sales was brisk across all insurance products. The industry clocked in S$294 million in weighted regular premium sales during the three-month period, up by 35 per cent from a year ago. Single premium sales surged by 65 per cent to S$166 million year-on-year. "Robust growth for the industry has come on the back of strong consumer confidence," said Tan Hak Leh, the association's president. "The economy is in good shape and we are optimistic that the life insurance industry will remain st...

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

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