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Life insurance's new business premium up 1.8% to RM10.3b in 2018


LIAM president Anusha Thavarajah said the outlook and prospects of the life insurance industry remain positive as the percentage of population with life insurance or takaful plans is still low at 54%.

LIAM president Anusha Thavarajah said the outlook and prospects of the life insurance industry remain positive as the percentage of population with life insurance or takaful plans is still low at 54%.

KUALA LUMPUR: New business total premium in Malaysia's life insurance industry grew by 1.8% in 2018 with group coverage gaining traction while individuals preferred traditional products rather than investment-linked products.

The Life Insurance Association of Malaysia (LIAM) announced on Monday that new business total premium rose to RM10.301bil from RM10.10bil in 2017.

For individuals, the traditional products business rose by 3.5% to RM2.305bil from RM2.227bil while for investment-linked products, there was a 4.3% decline to RM4.45bil from RM4.652bil, the industry body pointed out. However, there was a strong increase in the group segment, expanding by 9.4% to RM3.545bil from RM3.240bil.

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