Singapore's new insurance businesses dip 1% in 3Q

It also declined 4% compared with 2Q.

The Life Insurance Association Singapore (LIA Singapore) announced industry results for the period January to September 2016 (YTD 3Q2016).

On an annual basis, data from LIA show total weighted new business premium dropped1% to $808.2m during the July-Sept period from last year's $813m.

Compared with 2Q, total weighted new business sales fell 4% to $808.2m from $844.9m.

Overall, the life insurance industry in Singapore continues to report steady progress with an eight percent increase in total weighted new business premiums for the first nine months. Total weighted new business premiums amounted to S$2,331 million for the first three quarters of the year.