Singapore's life insurance industry recorded nearly S$1.48bn ($1.14bn) in weighted new business premiums for the first quarter of 2025, representing a 10.9% per cent y-o-y increase, fuelled by continued uptake of Investment-Linked Policies (ILPs).
Announcing the Q1 2025 results, the Life Insurance Association, Singapore said that the country’s life insurance industry recorded a total of S$1.48bn in weighted new business premiums for Q1 2025, an increase of 10.9% compared to Q1 2024. This is primarily attributed to the growth in annual premium policies, which recorded a 36.7% increase in weighted premiums in Q1 2025 compared to the same period last year.
ILPs continued to lead the momentum in Q1 2025 as a key driver of growth. The uptake of ILPs grew 60.6% year-on-year, increasing from S$414m in Q1 2024 to S$665m in Q1 2025. The uptick in ILPs and the sustained interest in annual premium policies highlight a continued shift in consumer priorities amidst heightened market and trade volatilities. Consumers continue to shore up their financial resilience via propositions that meet their needs. This includes balancing both stability and wealth accumulation potential, such as with ILPs, which combine life insurance coverage with higher potential returns.