Singapore’s life insurance industry recorded strong growth in the first half of 2025, with weighted new business premiums reaching S$2.99 billion, a 7.7% increase compared with the same period last year. This marks the highest performance since the Covid-19 pandemic.
The growth was largely driven by annual premium policies, which saw a 22% year-on-year increase in weighted new business premiums, according to the Life Insurance Association (LIA) Singapore. In contrast, single premium policies declined by 21.3% over the same period.
Weighted new business premiums measure the premiums collected on new policies, including 10% of single premium products, full premiums for annual premium products, and adjusted values for products with payment durations of less than 10 years.
LIA noted that consumers may be buying fewer policies but opting for more comprehensive coverage.
Many policyholders appear to prefer plans that provide greater protection or investment potential per policy.
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