Singapore’s life insurance industry recorded total weighted new business premiums of $5.16b (S$6.53b) in 2025, up 11.3% year-on-year (YoY).

Staff Reporter

, Singapore

/Yesheng Liang from Unsplash

Industry expands 11.3% successful 2025 whilst activity signals unpredictability ahead.

Singapore’s life security manufacture recorded full weighted caller business premiums of $5.16b (S$6.53b) successful 2025, up 11.3% year-on-year (YoY), according to nan Life Insurance Association, Singapore (LIA Singapore).

Growth was chiefly driven by higher income of yearly premium policies. In nan 4th fourth alone, full weighted caller business premiums roseate 13.0% compared to nan aforesaid play a twelvemonth earlier.

However, nan state is taking a observant attack this year, Wong Sze Keed, President of nan LIA Singapore, said.

"Singapore is taking a cautious outlook successful 2026 amid continued unpredictability globally. As nan life security manufacture continues to beryllium agile and front-footed successful adapting to nan changing environment, we stay committed to nan community,” Wong said successful a media release.

Annual premium products continued to support wide performance. Total weighted caller business premiums for yearly premium policies accrued 5.5% YoY successful nan 4th quarter.

For nan afloat twelvemonth to end-December 2025, yearly premium policies roseate by $529.2m (S$669.9m) to $3.86b (S$4.88b), representing a 15.9% summation from 2024.

Single premium policies recorded a 42.0% summation successful weighted premiums successful nan 4th fourth compared to nan aforesaid play past year.

For nan afloat year, full weighted premiums for azygous premium products reached $1.30b (S$1.65b).

Sales of azygous premium policies were weaker successful nan first half of nan twelvemonth amid cautious sentiment but improved successful nan 2nd half, pinch nan fourth-quarter summation linked to year-end liquidity and financial readying activity.

The manufacture besides reported a 3.1% YoY summation successful full sum assured arsenic astatine year-to-date 4th fourth 2025.

Financial advisor representatives contributed 45.3% of this growth, whilst tied representatives accounted for 28.8%.

Individual wellness security premiums continued to rise. Total weighted caller business premiums for individual wellness security reached $587.3m (S$743.4m) for nan afloat year, up 19.0% YoY.

Of this, premiums from Integrated Shield Plans (IPs) and IP riders totalled $525.8m (S$665.6m), an summation of 19.6% compared to 2024. IPs and IP riders made up 90% of full individual wellness security premiums, pinch nan remaining 10% from different aesculapian plans and riders.

About 149,000 Singaporeans and imperishable residents were covered by IPs astatine nan extremity of 2025 compared to a twelvemonth earlier.

In total, astir 3.00 cardinal lives, aliases astir 71% of Singapore residents, are covered by IPs, which supply further sum connected apical of MediShield Life.

Claims payouts besides accrued during nan year. The life security manufacture paid $11.24b (S$14.23b) to policyholders and beneficiaries successful 2025.

Payouts for death, full and imperishable disability, and captious unwellness claims roseate 5.5% from nan erstwhile year, pinch $1.62b (S$2.05b) paid nether these categories. A further $9.61b (S$12.17b) was paid retired for maturing policies.

“Member companies proceed introducing innovative ways and products to constrictive protection gaps, and we are besides collectively investing much successful bolstering financial literacy and savviness. Together, we will build a much resilient Singapore to advancement into nan adjacent sixty years and beyond,” Wong added.

($1.00 = S$1.26)
 

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