Singapore Life Insurance Premiums Soar by 11.3% in 2025

The Life Insurance Association Singapore (LIA Singapore) has announced a robust performance in the life insurance sector for 2025, with total weighted new business premiums rising by 11.3% to $5.2 billion. A significant driver of this growth was investment-linked products (ILPs), which comprised 44% of total weighted new business premiums. These products experienced a 27.8% year-on-year increase, underscoring a strong consumer demand for integrated insurance and investment solutions.

Participating products accounted for 24% of the total weighted new business premiums, growing by 9.6% compared to the previous year. In contrast, non-participating products saw a 4.8% decline. In terms of distribution, financial adviser representatives played a crucial role, achieving 35.7% of the weighted new business premiums and formalizing 39.5% of total policies. Banks contributed 32.9% of premiums but only within 10.7% of policies, while tied representatives generated 28.2% of premiums.

Insurers with "Normal" licenses dominated the market, contributing 99% of total weighted new business premiums, indicating strong market positioning. However, employment within the life insurance sector saw a slight decline of 1.1%, with the workforce totaling 9,411 as of December 31, 2025. The tied-agency force remained significant, comprising 12,389 representatives under exclusive contracts.