Chart from LIA Singapore.

Chart of the day: New business premiums of life and health drops 8.2% YoY in June

New business premiums totalled $63.4b in June this year.

This chart from the Life Insurance Association of Singapore shows that new business premiums in the life and health insurance industry dropped by 8.2% to $63.4b in June compared to a year ago.

42.7% of the life and health industry’s new business premiums came from tied representatives. 29.5% came from financial advisors (FA) representatives, 18.8% came from banks, 5.7% came from online direct channels whilst 3.3% from products sold without intermediaries.

Last year, new business premiums reached for life and health insurance totaled $69b.

According to LIA, the life insurance industry contracted by 1.9% in the first half of 2022.
 

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