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SINGAPORE’S life insurance business grew 9 per cent year on year to S$832.2 million in the fourth quarter of 2015 in total weighted new business premiums – a way to measure the growth of the life insurance industry – lifted by sales of non-linked weighted single-premium plans.

Weighted annual premium sales for the quarter inched up marginally by one per cent to S$550.3 million.

Weighted single-premium sales rose 9 per cent to S$940.8 million in 2015, of which single premium-linked sales comprised 26 per cent, while CPF-funded policies made up 16 per cent.

In 2015, weighted annual premium sales rose 7 per cent to S$2.06 billion.

He added that the Integrated Shield Plan (IP) insurers have been working with the Ministry of Health on the standard class B1 plan, which will be announced soon.

by Claire Huang

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