Singapore’s life insurance industry recorded SGD1.6bn (USD1.2bn) in weighted new business premiums in Q4 2024, up 11.1% year on year, driven by a 27.9% increase in annual premium policies to SGD1.2bn, the Life Insurance Association said. Full-year weighted new business premiums grew 19.7% to nearly SGD5.9bn, supported by a 41% surge in investment-linked plans to SGD2.3bn. Non-participating products rose 19.2% to SGD2.2bn, while participating products fell 2.7% to SGD1.4bn. Individual health insurance premiums climbed 41.6% to SGD624.8m. The industry paid out over SGD18bn, up 33.4%, with SGD16.2bn for policy maturities and SGD1.9bn for death, disability, or critical illness claims. Insurers remain cautiously optimistic, citing digital transformation and growing demand for sustainable insurance products.