Data for 2013 showed the life insurance sector in Singapore enjoyed a strong year.

The life insurance industry in Singapore, which is an important component of the wealth management sector, logged a record $2.8 billion in weighted new business premiums in 2013, a 28 per cent gain from the level a year ago, new figures show.

The Life Insurance Association [of Singapore] said sales of annual premium products were particularly strong, totaling $2.1 billion for 2013, up 31 per cent over the same period in 2012. Sales of single premium products also rose by 20 per cent to reach $0.7 billion of weighted single premiums.  Of this amount, 16 per cent comprised CPF-funded sales.

The total sum assured for new business increased by five per cent to reach $82.9 billion for 2013, the organisation said.

As the end of September 2013, the life insurance industry was managing assets of around $134.4 billion, up four per cent compared with a year ago.  Assets of non-linked business accounted for $109.3 billion, while the remaining $25.1 billion were assets held for investment-linked policies, the organisation added.

Members of the association include Friends Provident International and Swiss Life, both of which provide wealth management products, using life insurance structures. For more on this sector, see here.