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
Denne historien er fra Issue 102-utgaven av Singapore Business Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra Issue 102-utgaven av Singapore Business Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Smile API Eases Loan Process
Financial institutions and lenders rely on credit worthiness to grant loans, but assessing it can be challenging with only employment and payroll information. Smile API addresses this challenge by transforming employment data into credit data.
Industry Concerns Rise As Accountant Numbers Decline
Accounting firms and universities strive to boost the sector's appeal with new roles and education programmes.
New Rule Curbs Biases Against Flexi Work
Employers who oppose remote work solely because it deviates from traditional office norms can no longer deny this option to employees and may face consequences for doing so.
Trials Target Better Management Of Treatment-Resistant Depression
Managing treatment-resistant depression (TRD) can take months to years, but Singapore is accelerating the process by embarking on trials of personalised transcranial magnetic stimulation (TMS) specifically tailored for Asian brains.
Singapore's tech powerhouses triumph at SBR Technology Excellence Awards 2024
In today's digital age, technological innovation is not just a competitive advantage; it is a key driver of progress. Companies that embrace digital disruption and leverage the power of technology are unlocking a world of opportunity, transforming industries, and shaping a more connected future.
InterContinental unveils rain refund package for guests
Guests receive a refund for a 1-night room rate if it rains for more than 2 hours during their stay.
New law weaves in work protections and retirement benefits into gig workers' safety net
Platform workers will be able to make CPF contributions into their ordinary and special accounts.
Surbana Jurong's new HQ integrates green spaces and smart technology
The headquarters features biophilic elements that enhance natural light and air circulation.
ION Orchard dives into gamification amidst experiential retail demand
The mall's in-app augmented reality game offers more than 30 rewards.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access locked’ money with a physical card or by visiting a branch.