Singapore's top 50 insurers included in the Singapore Business Review's Insurance Rankings grew by 5.1% in 2021, tapering off from the double-digit growth observed in the previous rankings. This is because in 2021, according to the Ministry of Trade and Industry, life insurers suffered a decrease of 23.5% in their net income brought by lower 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, 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
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