Malaysia Life Insurance - 2021

Malaysia Life Insurance recorded an overall stronger performance with a double-digit growth of 12.4 per cent in its new business total premiums in 2021 compared to 2020. For the financial year ended December 2021 (FY21), the industry recorded RM12.8 billion in new business total premiums from RM11.4 billion in 2020. The stronger performance reflected the increase in awareness among the consumers on the importance of life insurance protection amid the Covid-19 pandemic.

The industry recorded a healthier performance, driven by the strong rebound of investment-linked policies which rose 31.2 per cent 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 per cent in new business total premiums to RM4.1 billion in 2021. Traditional policies charted a decline of 17.3 per cent during the year.

Overall new business sum assured increased to RM461.1 billion, registering a modest growth of 5.4 per cent from RM437.2 billion in 2020.

New business sum assured of investment- linked policies recorded a strong increase of 14.4 per cent from RM107.7 billion to RM123.2 billion in 2021, while group policies recorded an increase of 2.8 per cent and traditional policies, a slight dip of one per cent.

New policies issued in 2021 - recorded a strong growth of 53.5 per cent from 1.2 million policies in 2020 to 1.9 million policies in 2021. This was mainly due to traditional policies which charted a huge increase of 99.7 per cent to reach 1.2 million policies in 2021.