The Singapore life insurance sector recorded weighted new business premiums of US$2.33 billion (S$2.99 billion) in the first half of 2025, marking a 7.7% increase compared to the same period last year, according to the Life Insurance Association, Singapore (LIA Singapore).
This growth was primarily driven by annual premium policies, which surged 22% year-on-year to US$1.76 billion (S$2.26 billion), while single premium policies declined 21.3% to US$563.86 million (S$722.9 million).
Investment-linked policies (ILPs) remained the key growth driver, with premiums rising 31.3% year-on-year to US$998.4 million (S$1.28 billion), accounting for 43% of total new business.
Wong Sze Keed, President of LIA Singapore, attributed the growth to Singaporeans’ focus on long-term financial planning and the country’s robust economic performance.
He cited the economy’s strong 4.3% year-on-year growth in Q2 2025.
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