But single premiums dropped 11%.
According to Life Insurance Association Singapore, four back-to-back quarters of growth has strengthened the life insurance industry last year. Insurers received a total of $2,176.0 million in weighted new business premiums to conclude the year with an eight per cent increase from the previous year.
The overall performance was driven by quarter-on-quarter growth in the sale of regular premium products, which reached a total $1,589.8 million, up 18 per cent over the same period in 2011.
Single premium business, however, dipped 11 per cent to $586.2 million due to weak market sentiments and a more subdued economy. Of this amount, 16 per cent comprised CPF-funded sales.
Mr Tan Hak Leh, President of the Life Insurance Association (LIA), said, “The industry remained buoyant despite the economic climate we faced throughout 2012. This is a good indication that the industry is continuing to reach out to more Singaporeans and residents who have needs for protection and longer term savings.”
The total sum assured for new business stood at $79.1 billion for 2012, a 16 per cent increase over the same period last year.
At 31 December 2012, 2.61 million lives were covered by health insurance with paid up premiums amounting to $1.0 billion. New health insurance sales increased by 13 per cent to $186 million compared to the previous year. The bulk of this - 88 per cent - went to Integrated Shield Plans and riders.
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