INSURANCE RANKINGS
Singapore Business Review’s Insurance Rankings sees slow growth amongst top 50 The top 50 insurers saw 5.1% growth, marking a slowdown from previous double-digit surge.
Great Eastern topped the Singapore Business Review's Insurance Rankings, with a 4.35% increase in assets
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ingapore's leading insurers featured in the latest Singapore Business Review's Insurance Rankings witnessed a growth of 5.1%, showing a slowdown compared to the previous rankings characterised by double-digit expansion. The moderation in growth can be attributed to a decline of 23.5% in net income for life insurers, as reported by the Ministry of Trade and Industry, primarily driven by reduced investment income. The Singapore Business Review Insurance Rankings is the annual list of the top 50 insurers in Singapore by assets. The data is derived from the Monetary Authority of Singapore’s annual statistics with the most recent rankings using data from 2021 and comparing them from a year before. The annual review of the insurance sector saw 20 life insurers, 24 general insurers, four life reinsurers, and two general reinsurers in the top 50 list. Great Eastern retained its first place, with a 4.35% increase in assets. AIA also maintained its rank at second place with a 1.72% increase in assets. Prudential, NTUC Income, and Manulife all retained their third, 22 INSURANCE ASIA
Digital tools have had the greatest positive impact on [consumers’] financial situation
Goh Theng Kiat
Khoo Kah Siang
fourth, and fifth spots, respectively, with Manulife experiencing the greatest asset growth amongst the three at 18.51%. NTUC Income however decreased by 2.32% despite maintaining its fourth rank. Prudential’s assets increased by 7.84% compared to a year before. Amongst all the general insurers, NTUC Income’s general insurance business has the highest assets in the rankings at number 13. This year also saw the return of Singlife to the top 50 at rank 14 and a newcomer, EQ Insurance, at rank 50. Meeting consumer demands Speaking with Insurance Asia, Goh Theng Kiat, Chief Customer Officer at Prudential Singapore, said that in 2022 they saw more consumers rely on technology for their health and well-being as well as financial stability. In their “Digital for 100: Harnessing technology for longer lifespans” research, they found that 54% of Singapore residents say that mobile devices and apps are critical tools in preparing for rising longevity. “Of those who are using technology to manage their well-
being, 36% say that digital tools have had the greatest positive impact on their financial situation, and 27% on their personal health. Respondents used mobile apps to monitor their health such as physical fitness, blood pressure and sleep, as well as their bank accounts, CPF and insurance needs,” Theng Kiat said. This is why Prudential continues to improve its digital health and wellness app, Pulse. Apart from allowing users to assess their health through the Pulse app, it can also help them plan their finances with the use of its AI digital assistant. Consumers also demanded more choices and expected tailored services to suit their individual needs. Prudential created products such as PRUActive LinkGuard, an investment-linked whole life insurance plan, that allows customers to adjust their coverage, and make regular or lump sum top-ups or partial withdrawals when needed. For Manulife Singapore CEO Dr Khoo Kah Siang, 2022 saw the need for businesses to develop highly skilled and adaptable workforces and introduce more agile ways of working. Businesses must also find more ways to attract new talent and retain existing ones. “At Manulife, we introduced an industry-first IBF-certified training programme to upskill our financial representatives and annual learning fiestas for employees to learn more about insurtech, blockchain, artificial intelligence and analytics. Such learning programmes serve to ensure our employees stay ahead of trends that are disrupting the insurance industry,” Dr Kah Siang said. Reshifting focus As the impact of the COVID-19 pandemic receded, Dr Khoo said that the focus shifted towards climate change and sustainability. For businesses, this means creating products or strategies for a sustainable business, providing products with longevity, and contributing positively to climate
