Singapore life insurers’ H1 2025 weighted new business premiums rise 7.7%

This was driven by Investment-linked policies.

The Singapore life insurance industry posted US$2.33b (S$2.99b) in weighted new business premiums for the first half of 2025 (H1 2025), up 7.7% from the same period last year, according to the Life Insurance Association, Singapore (LIA Singapore).

The increase was driven mainly by annual premium policies, which rose 22% year-on-year (YoY) to US$1.76b (S$2.26b). Single premium policies fell 21.3% to US$563.86m (S$722.9m).

Investment-linked policies (ILPs) continued to drive growth, with weighted new business premiums rising 31.3% YoY to US$998.4m (S$1.28b) in H1 2025. ILPs accounted for 43% of total new business.

“The continued growth in annual premium policies and ILPs demonstrates Singaporeans’ focus on long-term financial planning and security. This trend is supported by renewed optimism as Singapore’s economy posted a strong 4.3% year-on-year growth in Q2 2025,” Wong Sze Keed, President, LIA Singapore, said in a press release.

“The sustained demand for ILPs reflects a prudent yet ambitious mindset—one focused on safeguarding against global current unpredictability whilst capturing growth opportunities in an evolving financial landscape,” she added.

In-force premiums for Group Life & Health increased 15% YoY to US$2.15b (S$2.76b) in Q2 2025, with Accident and Health making up 74.1% of the total.

The total sum assured for H1 2025 reached US$55.69b (S$71.4b), a 1.7% YoY increase. Financial adviser representatives accounted for 42.6% of this amount, whilst tied representatives made up 29.9%.

Despite the growth in total premiums and sum assured, the number of policies sold declined 18.6% YoY to 579,343.

LIA Singapore said the data suggests consumers are purchasing fewer but more comprehensive policies, opting for higher coverage or investment value per plan.

(US$1.00 = S$1.28)