SINGAPORE’S life word attention grew on all fronts in a fourth entertain of final year, notwithstanding a tough macro-economic environment, information on Tuesday showed.
For a 3 months finished Dec 31, 2016, sum weighted new business sales, a expansion measurement, rose 15 per cent year on year to S$955.3 million, due mostly to a arise in sales of annual reward products.
Weighted new sales of annual reward products, including whole life policies, went adult by 20 per cent year on year to S$661.1 million.
Weighted new sales of singular reward products also went adult by 4 per cent to S$294.2 million, driven by a stronger performances of related and non-linked plans.
Sales of related skeleton rose 10 per cent to S$67.3 million while sales of non-linked skeleton softened by 3 per cent to S$226.9 million.
Correspondingly, sum weighted new business sales for a full year rose 10 per cent to S$3.29 billion.
This was driven by a 10 per cent arise in sales of annual reward skeleton — a bulk of a sum new sales — to S$2.26 billion.
On a singular reward side, weighted new sales for a year climbed 9 per cent, especially due to a 15 per cent arise in non-linked plans, that was partly equivalent by a 7 per cent tumble in related policies’ sales.
In particular, new health word premiums came adult to S$241 million for a year, of that 86 per cent were Integrated Shield Plan (IP) premiums and IP riders. The remaining volume came from other medical skeleton and riders.
The Life Insurance Association Singapore (LIA) pronounced on Tuesday some-more than 50,000 Singapore residents bought private health word coverage, especially by IPs and IP riders. As during finish Dec 31, 2016, a sum of 2.89 million lives or about one in dual people here were covered, bringing a sum premiums to S$1.42 billion.
Data from LIA showed that banks continued to be a categorical channel of placement by sum weighted reward during 38 per cent in Q4. Tied agents accounted for 37 per cent and financial advisers continued on the ceiling trend during 21 per cent. The remaining 4 per cent came from other products that are sole but intermediaries, such as approach squeeze word and ElderShield.
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