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NEWS UPDATES 5 August 2010

Insurance sales up 34 percent

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Strong economic conditions stimulated Singapore's life insurance industry to a 34 percent jump to $2.61 billion in new business premiums the first six months of 2010.

In terms of weighted new business premiums, the sales growth is 28 percent to $671 million. The weighted figures are adjusted to include 10 percent of single premium sales and all of regular premium sales.

The Life Insurance Association (LIA) said on Thursday that sales were robust for all products. Single premium sales soared to $2.09 billion, up 36 percent. The Central Provident Fund Investment Scheme accounted for 22 percent or $464 million of these sales. Regular premium sales, which include traditional life products and investment linked insurance policies, rose 26 per cent to $518 million.

In tandem with the positive market sentiment, the share of investment-linked sales surged 30 percent to $789 million from $462 million in the same period last year.

Said LIA president Tan Hak Leh: 'We expect to build on this momentum into the second half and close the year on a high note. Demand for insurance should remain very strong.'

However, he does not expect the next two quarters to experience the same level of growth in the first half. This is because the recovery had started from the middle of last year so the base would be bigger.

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