The Life Insurance Association Singapore (LIA) said on August 5 that weighted new business premiums crept up one percent to 1,315.7 million SGD (about 1.053 million USD) in the first half of this year from a year ago.

Khoo Kah Siang, President of LIA Singapore, described the growth as “stable for many years”.

Sales of annual premium products totalled 937.3 million SGD in weighted new business premiums and 378.4 million SGD in weighted single premium products.

Also at the end of June, 2.72 million lives were covered with paid-up premiums amounting to 1.5 billion SGD.

New health insurance premiums fell by 28 per cent in the first half of 2014 to 138 million SGD compared with the same period last year.-VNA