Latest news with #WongSzeKeed
Straits Times
7 days ago
- Business
- Straits Times
S'pore life insurance sales surged in first half, led by strong growth in investment-linked plans
Sign up now: Get ST's newsletters delivered to your inbox Weighted new business premiums, which is a rough measure of new sales, rose 7.7 per cent to $2.99 billion in the six months to June 30. SINGAPORE – Sales of life insurance policies surged in the first half of 2025 as consumers sought balance between protection and wealth accumulation. Weighted new business premiums, which is a rough measure of new sales, rose 7.7 per cent to $2.99 billion in the six months to June 30 – the highest first-half figure since the Covid-19 pandemic. The increase was driven largely by annual premium policies, which rose 22 per cent to $2.26 billion as compared to the same six months in 2024, noted the Life Insurance Association (LIA) Singapore on Aug 13. By contrast, single premium policies fell 21.3 per cent to $722.9 million in weighted premiums. Investment-linked policies (ILPs) continued to set the pace, with weighted new business premiums rising 31.3 per cent to $1.28 billion in the first half. These policies accounted for 43 per cent of total new business. LIA Singapore president Wong Sze Keed said that the continued growth in annual premium policies and ILPs demonstrates Singaporeans' focus on long-term financial planning and security. 'Amid existing global uncertainties and market volatility, consumers are seeking balance between protection and wealth accumulation,' she added. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Singapore Allianz insures Singapore's first fully driverless bus amid challenges posed by autonomous vehicles Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Business Singtel Q1 profit soars 317.4% to $2.9 billion on exceptional gains of $2.2 billion Asia Diamonds, watches and shoes: Luxury items at heart of probe into South Korea's former first lady Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Sport New Hui Fen becomes first Singaporean bowler to win PWBA Tour Player of the Year Singapore SG60: Many hands behind Singapore's success story 'The sustained demand for ILPs reflects a prudent yet ambitious mindset – one focused on safeguarding against global current unpredictability while capturing growth opportunities in an evolving financial landscape.' Total sum assured in the first half rose 1.8 per cent to $71.4 billion, with financial advisers accounting for 42.6 per cent or $30.4 billion, while tied representatives brought in 29.9 per cent or $21.4 billion. While total sum assured and total weighted premium rose, the total number of policies in the first half declined 18.6 per cent year on year to 579,343. LIA Singapore said this could suggest that consumers may be buying fewer, but more comprehensive policies, opting for coverage that offers greater protection or investment potential. About 69,000 Singaporeans and Permanent Residents took up new Integrated Shield Plans (IPs) in the first half. Nearly three million people – about 72 per cent of the resident population – have IPs, which provide coverage on top of the MediShield Life health coverage scheme. Total new business premiums for individual health insurance increased 69.3 per cent year on year to $373.7 million in the first half. IPs and IP rider premiums made up 89.9 per cent, or $336.1 million, with the remaining 10.1 per cent, or $37.6 million, comprising other medical plans and riders. Around $6.35 billion was paid out to policyholders and beneficiaries in the first half, down 42.1 per cent from the same period a year earlier.
Business Times
7 days ago
- Business
- Business Times
Singapore life insurance new business premiums surge 7.7% to nearly S$3 billion in H1 2025 while claims payouts fall 42%
[SINGAPORE] The life insurance industry in the Republic recorded a total of S$2.99 billion in weighted new business premiums for the first half of 2025, representing a year-on-year growth of 7.7 per cent. This is considered the industry's highest performance since the Covid-19 pandemic. This growth was driven largely by annual premium policies, which saw a 22 per cent year-on-year increase in weighted new business premiums, said the Life Insurance Association (LIA) Singapore on Wednesday (Aug 13). However, single premium policies recorded a 21.3 per cent decline in weighted new business premiums over the same period. Weighted new business premiums measure the premiums collected on new policies. This includes considering 10 per cent of the value of single premium products, the full premiums for annual premium products, and an adjusted value for products with premium payment durations of less than 10 years. Other figures reported by LIA suggest that consumers may be purchasing fewer, but more comprehensive policies, potentially opting for coverage that offers greater protection or investment potential per policy. While the total sum assured rose by 1.7 per cent year on year, the total number of policies declined by 18.6 per cent, from 711,922 policies to 579,343 policies. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Claims payouts also fell significantly by 42.1 per cent between Jan 1 and Jun 30, 2025, with the life insurance industry paying out S$6.35 billion to policyholders and beneficiaries. Of this, S$5.32 billion was for matured policies, while the remaining S$1.03 billion was for death, critical illness, or disability claims covering more than 10,900 policies. In contrast, data from LIA for 2024 reflected a significant increase in payouts, with a total of S$18.12 billion disbursed to policyholders and beneficiaries. The life insurance sector recorded a total sum assured of S$71.4 billion during the first half of 2025. It saw significant contributions from financial adviser (FA) representatives who achieved a sum assured of S$30.4 billion, accounting for 42.6 per cent of the total. Tied representatives, meanwhile, secured an additional S$21.4 billion, representing 29.9 per cent. LIA Singapore president Wong Sze Keed believes the resilient Singapore economy provides a 'more encouraging backdrop' for consumers to review their financial plans and re-engage with their FA representatives to optimise their portfolios and address long-term protection needs, amid geopolitical concerns. 'As our nation celebrates 60 years of independence, the life insurance industry is focused on what it can do to truly help people 'go' further in life – by enhancing financial literacy to bridge protection gaps, supporting families through legacy planning and simplifying claims processes, as well as strengthening trust through elevating industry culture and conduct,' she added. Focus on long-term security Industry growth continued to be driven by investment-linked policies (ILPs), which allow customers to select professionally managed investment-linked funds. In H1 2025, the weighted new business premiums for ILPs rose by 31.3 per cent year on year, from S$975 million in H1 2024 to S$1.28 billion. As a result, ILPs accounted for 43 per cent of total new business in the first half of 2025. 'The continued growth in annual premium policies and ILPs demonstrates Singaporeans' focus on long-term financial planning and security,' said Wong. She added that this trend is supported by renewed optimism, as Singapore's economy posted a robust 4.3 per cent year-on-year growth in Q2 2025, outpacing Q1 figures. 'The sustained demand for ILPs reflects a prudent yet ambitious mindset – one focused on safeguarding against global current unpredictability while capturing growth opportunities in an evolving financial landscape,' said Wong, who is also chief executive officer at AIA Singapore . In line with this, a spokesperson from Tokio Marine Life Insurance Singapore told The Business Times that there has been a growing preference for ILPs among those 'seeking a balance between wealth accumulation and security'. Similarly, a spokesperson from Manulife Singapore highlighted a growing demand for hybrid solutions that combine both protection and wealth accumulation alongside the rising focus on critical illness and long-term care coverage, as key trends in the life insurance sector. Reflecting this, recent data from LIA showed that integrated shield plans (IPs) remain a critical component of health insurance coverage as about 69,000 Singaporeans and permanent residents took up new IPs in H1 2025. In total, about three million lives, roughly 72 per cent of Singapore residents, are covered by IPs, which provide additional coverage on top of national health insurance scheme MediShield Life. Total new business premiums for individual health insurance in H1 2025 amounted to S$373.7 million, marking a significant 69.3 per cent increase compared with the same period last year. Of this, premiums for IPs and IP riders accounted for 89.9 per cent (S$336.1 million), while the remaining 10.1 per cent (S$37.6 million) were made up of other medical plans and riders.
Business Times
06-07-2025
- Business
- Business Times
AIA Singapore steps up wealth management ambitions even as it leverages ageing trend
[SINGAPORE] By 2026, an estimated 21 per cent of Singapore's population will be aged 65 and above, making it a 'super-aged' society. This is a rise from the current 17 to 18 per cent. Such a demographic shift is expected to drive stronger demand for health protection and long-term retirement savings, which AIA Singapore sees as a key growth opportunity. 'We are focused on capitalising on structural growth opportunities like addressing the ageing population, the need to bridge that protection gap and catering to the growing wealth of people both here and abroad,' said chief executive officer Wong Sze Keed in a recent interview with The Business Times. The life insurer has operated in Singapore since 1931 and currently offers a range of personal insurance products as well as employee benefits insurance for businesses. Wong recently marked five years leading AIA Singapore, having first joined in March 2013 as chief partnership distribution manager and rising through the ranks over more than a decade with the company. Recognised as a seasoned industry veteran, she was recently appointed president of the Life Insurance Association Singapore in the new management committee for the 2025/26 term. She brings more than 32 years of experience in Singapore's financial services sector, having held various senior management roles throughout her career. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Capturing increasing wealth opportunities Beyond the ageing population, AIA Singapore is also eyeing growth in other key areas, including rising affluence across the region. Wong said it aims to meet the growing demand for protection and long-term savings, particularly among the mass affluent and high-net-worth (HNW) segments. To support this, the insurer is expanding its international wealth business across the region by offering products related to wealth accumulation, legacy planning and protection. Specifically, it is looking to draw on Singapore's status as an increasingly wealthy and well-regulated financial hub that continues to attract global capital. Last year, a wealth centre dedicated to serving HNW individuals and families was launched in the city-state. In addition, the insurer partnered with the Wealth Management Institute to certify its HNW directors and consultants through formal training to improve their expertise. 'Our goal is to be Asia's biggest partner for wealth planning, both here in Singapore and across the region,' Wong said. Sustainable financial performance AIA Singapore's focus on wealth-related opportunities in the local market has contributed to growth in its long-term savings business, Wong noted. The insurer's value of new business rose 15 per cent year on year to US$454 million for the full year ended Dec 31, 2024, from US$394 million in the year-ago period, on a constant exchange rate basis. This was supported by double-digit growth across both its agency and partnership distribution channels, AIA said in its FY2024 earnings announcement in March. Wong added that the insurer is 'keeping a tight grip on (its) finances across the board' while ensuring long-term financial sustainability. Customer experience also remains a focus. AIA Singapore is investing in digital transformation to improve engagement and operational efficiency for both customers and distributors. This includes ongoing efforts to advance its technology, data and analytics strategy. The insurer is also growing its distribution network, which includes its agency force and in-house financial advisers. Its number of consultants increased from 5,500 in 2022 to about 5,900 in 2024.
CNA
09-05-2025
- Business
- CNA
CNA938 Rewind - Mind Your Money - The importance of Legacy Planning with a greying population
CNA938 Rewind With a fast-growing ageing population, why does legacy planning become even more relevant? For those without financial training, Hui Wong speaks with Wong Sze Keed, newly-elected President of the Life Insurance Association, Singapore from 2025-2026, to highlight the urgency of Legacy Planning.
Associated Press
20-03-2025
- Business
- Associated Press
AIA Singapore and HYROX Singapore Team Up to offer complimentary insurance at AIA HYROX Open Asian Championships 2025
Over 10,000 racers are expected to take part in the two-day event happening on 28 and 29 June SINGAPORE - Media OutReach Newswire - 20 March 2025 - AIA Singapore, a leading health insurance provider, today announced its partnership as the Official Title Partner for the highly anticipated AIA HYROX Open Asian Championships 2025 in Singapore. This collaboration underscores AIA Singapore and HYROX Singapore's shared dedication towards fostering a culture of holistic wellness and active living for Singaporeans by providing access to healthier experiences. The two-day event is set to take place on 28 and 29 June at the Singapore National Stadium, where participants will push their limits in a thrilling test of strength, endurance, and determination. Continuing the success of HYROX Singapore's debut in October 2023 which has attracted over 16,000 participants, the AIA HYROX Open Asian Championships 2025 promises an even more exhilarating experience. Beyond the usual singles, doubles, and relay races, this year's rendition will see top athletes in Asia compete against each other in the Mixed Relay Open Asian Championship Invitationals. Furthermore, this year's championships will see the introduction of corporate relays, allowing teams comprising of employees to band together and compete, fostering teamwork and employee well-being through friendly competition. 'The upcoming Singapore race is set to be bigger and more exciting than ever before. We knew that securing the right title partner would be key to elevating the event, and with HYROX and AIA, we've found the perfect match. Both organisations share a common commitment to promoting health and wellness, making this partnership a natural fit as we work together to inspire individuals to lead healthier lives.' Shared Gary Wan, APAC, Managing Director of HYROX APAC. A first in the world for HYROX championships, AIA Singapore will be supporting both participants and spectators with complimentary personal accident coverage[1] upon ticket purchase. This will last the entire month of the event from 1 June to 30 June. Furthering AIA's commitment to empowering people to live healthier, longer, better lives, AIA Vitality members can also enjoy a $25 discount off their race tickets. 'AIA Singapore is thrilled to spearhead the drive for active living as the official title sponsor of AIA HYROX Open Asia Championships 2025. This dynamic partnership underscores our unwavering commitment to holistic well-being and builds on the momentum of our AIA One Billion movement –mission to empower a billion people to live healthier, longer, better lives by 2030,' stated Ms. Wong Sze Keed, Chief Executive Officer, AIA Singapore. 'HYROX offers an exceptional platform for us to connect with our customers, community, staff, and insurance representatives. We hope to inspire everyone to embrace a more active lifestyle, regardless of fitness level. Thanks to HYROX's expanded categories, this exhilarating event is now truly accessible to all,' Ms. Wong added. 'We are proud to champion active lifestyles and make HYROX accessible to everyone. This partnership allows us to tangibly demonstrate our dedication to the well-being of Singapore,' she concluded. Beyond AIA Singapore's benefits, Grab, a Premium Partner for the AIA HYROX Open Asian Championships, is also offering participants discounts of up to 10% on HYROX tickets when they checkout with GrabPay or PayLater by Grab. To find out more visit: Hashtag: #AIASingapore The issuer is solely responsible for the content of this announcement. About HYROX HYROX started in Germany in 2017 with 650 competitors and has since expanded to more than 31 countries and regions with over 335,000 participants in 2024 alone. The 2025 season will feature more than 93 events across Korea, Singapore, Hong Kong, Australia, the United Arab Emirates, Poland, Spain, Denmark, Italy, Germany, England, United States, Ireland, Sweden, and many others. About AIA AIA Group Limited and its subsidiaries (collectively 'AIA' or the 'Group') comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR[1], Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR[2], and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd. The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$305 billion as of 31 December 2024. AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 43 million individual policies and 16 million participating members of group insurance schemes. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes '1299" for HKD counter and '81299" for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol 'AAGIY'.
