New business premiums in life insurance down 2% to $1.97b in H1

The decline in single premium policies dragged half-year figures.

The life insurance industry saw new business premiums fall 2% YoY to $1.97b in in H1, according to a report by the Life Insurance Association, Singapore (LIA Singapore).

Single premium policies crashed 22% to $531.9m in H1. Single premium par and non-par products accounted for 81% of the headline figure whilst single premium linked products represented the remaining 19%. In terms of products, CPFIS-included ones made up for 9% of the single premiums, and cash-funded products took the remaining 91%.

In contrast, annual premium policies rose 7% YoY to $1.44b in total weighted annual premiums.

Retirement policies jumped 78% in H1 to 25,757 policies from 14,505 in H1 2018, accounting for 12% of total weighted premiums in the period. It totalled $236m in weighted premiums.

As of end-June, around 60,000 more Singaporeans and permanent residents were covered by Integrated Shield plans (IPs) and riders. It now covers 68% of Singapore’s residents.

Total new business premiums for individual health insurance for H1 amounted to $221m, with IPs and IP rider premiums accounting for 89% or $197.3m of it. The remaining 11% or $24.1m comprised other medical plans and riders.