KUALA LUMPUR, Feb 28 (Bernama) — The Life Insurance Association of Malaysia (LIAM) recorded an overall stronger performance with a double-digit growth of 12.4% in its new business total premiums in 2021 as compared to 2020. For the financial year ended December 2021, the industry recorded RM12.8 billion in new business total premiums from RM11.4 billion in 2020. The stronger performance of the life insurance industry reflects the increase in awareness among the consumers on the importance of life insurance protection amidst the COVID-19 pandemic.
According to LIAM President, Loh Guat Lan, the industry recorded a healthier performance, driven by the strong rebound of investment-linked policies which rose 31.2% to reach RM6.6 billion in 2021, despite the challenging business environment due to the pandemic. Group policies recorded a moderate growth of 7.7% in new business total premiums to RM4.1 billion in 2021. However, traditional policies charted a decline of 17.3% during the year.