Singapore life insurers post 21.4% growth in H1 premiums as disbursements rise
Claims for critical illness, death and total permanent disability reach S$1.14 billion, rising 11.1%
Singapore's life insurers witnessed a substantial 21.4% increase in premiums during the first half of 2026, as reported by Life Insurance Association Singapore (LIA Singapore). This surge in new business premiums, reaching S$3.63 billion, marked a 6.4% year-on-year growth compared to S$2.99 billion in the same period last year. The robust domestic economy, characterized by a 6.3% GDP growth in Q1 and 5.7% in Q2 of 2026, encouraged residents to adopt a longer-term perspective on their financial well-being.
Investment-linked policies led the growth, capturing 44% of the total weighted new business premiums, with a 24.2% year-on-year surge to S$1.59 billion. Participating policies maintained a 25% share, with premiums increasing by 25.4% to S$903 million, while non-participating policies accounted for the remaining 31%. Wong Sze Keed, LIA president, emphasized that the strong economic backdrop may instill confidence in Singaporeans to invest for their future.
Healthcare protection remained a priority, with Integrated Shield Plans (IPs) covering three million lives by the end of June, reflecting stable coverage levels despite a revised IP rider framework introduced on April 1. The first quarter of 2026 under the new framework saw a 66.5% year-on-year rise in IP rider new business premiums, totaling S$100.3 million.
Financial advisers and tied representatives facilitated 79.4% of all new policies, totaling 504,951, while they contributed to a 35.9% year-on-year growth in premium value, reaching S$1.35 billion. Life insurers disbursed over S$10.6 billion in claims and maturity benefits from January to June 2026, a 50.6% increase from S$6.4 billion in H1 2025.
Matured policies accounted for the largest share, with payouts increasing by 50.6% to S$8.02 billion. Additionally, insurers paid out S$1.45 billion in individual health policy claims, primarily directed towards IPs and their riders, with a 11.1% year-on-year increase in claims for critical illness, death, and total permanent disability.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
