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Check out this measly increase in life insurance sales
Sold premiums reached a total of $1,608.1m.
According to the Life Insurance Association Singapore, the industry achieved a total of $1,608.1 million in weighted new business premiums for the first nine months of 2012, representing a 10 per cent improvement over the corresponding period in 2011.
Here's more from LIA:
The overall performance was driven by the positive quarter-to-quarter growth in the sales of regular premium products. The first three quarters hit $1,160.8 million, registering a 20 per cent growth over the same period last year.
Single premium business, however, dipped 10 per cent at $447.3 million. Of this amount, 14 per cent comprised CPF-funded sales.
Mr Tan Hak Leh, President of the Life Insurance Association said: "Overall, we have seen consistent growth since the start of 2012. We naturally take a restrain view in our target estimates for the next quarter in light of the forces of the economic climate."
The total sum assured for new business stood at $56.9 billion for the first nine months of 2012, a 16 per cent increase over the same period last year.
As at 30 September 2012, a total of 2.58 million lives were covered by health insurance with paid up premiums amounting to $972 million. New health insurance sales increased by 12 per cent to $138 million compared to the first nine months of last year. The bulk of this - 88 per cent - went to Integrated Shield Plans and riders.
Tied agents continue to be the main channel of distribution for new business. By policy count and weighted premiums, tied agents contributed 58 per cent and 44 per cent of the business respectively.
The steady uptrend in bank sales continued, with the bank channel accounting for 37 per cent of weighted premium sales, up by two percentage points from the same period the previous year. It accounted for 16 per cent of the total number of policies sold.
Financial Advisers contributed 15 per cent of sales while other channels, including direct sales, made up the remaining 4 per cent. By policy count, Financial Advisers accounted for 10 per cent of the business and the other channels took up the remaining 16 per cent.
Of the new sales, participating ("par") products accounted for 52 per cent while non-par products accounted for 29 per cent. Investment-linked products made up the remaining 19 per cent.
As at 30 September 2012, a total of 96 per cent of new sales were contributed by insurers holding "Normal" licenses. The "Defined Market Segments" (DMS) insurers, represented by five companies, contributed the remaining 4 per cent.
Up to the end of September 2012, the life insurance industry paid out a total of $4.51 billion to policyholders and beneficiaries.
Of this, $313 million was in respect of death, critical illness or disability claims, whilst the remaining $4.20 billion was for policies that matured.
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