Continuing its recovery from
the hammering it took during the global financial crisis,
Singapore’s life industry remained on a robust growth track in the
second quarter of 2011.
According to the Life
Insurance Association Singapore (LIAS), weighted premium income in
the second quarter of 2011 lifted by 34% compared with the second
quarter of 2010 to SGD481.5m ($394m).
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The increase followed a 44.6%
rise in premium income in the first quarter of 2011 and took total
premium income in the first six months to SGD941.5m, 38% more than
in the first half of 2010.
Participating products, LIAS
noted, accounted for 54% of sales and non-participating products
and investment linked products for 23% each.
Strong performance in the
first half of 2011 was led by a 100% surge in premium income
generated through the bank channel to SGD320m.
This lifted the bank
channel’s new business share from 24% in the first half of 2010 to
34%.
Tied agents contributed 48%
of new business, financial advisers 13% and other channels
5%.
Weighted new business premium
figures are based on 10% of single premium income and 100% of
annual premium income, adjusted for premium payment terms of less
than 10 years.
