Singapore off to a flying start

Ever
volatile, Singapore’s life insurance industry is again enjoying a
period of vigorous growth, reveal figures for the first quarter of
2011 from the Singapore Life Insurance Association
(LIA).

Compared with the first
quarter of 2010, weighted premium income jumped 44.6% to S$460m
($372m), with LIA noting that sales were strong across all
products.

“Robust growth has come on
the back of strong consumer confidence,” said LIA president Tan Hak
Leh.

Growth was lead by weighted
single premium sales which rose by 65% to S$166m. Weighted regular
premiums also fared well, rising 35% to $294m.

Of note in the first quarter
of 2011 were sales through banks which accounted for 37% of sales
compared with 23% in the first quarter of 2010. Tied agents
contributed 48% of sales, financial advisers 12% and other
channels, including direct sales, the balance.

Looking ahead, Tan said: “The economy is in good shape and
we are optimistic that the life insurance industry will remain
strong throughout the rest of 2011.”

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