Life insurance industry records healthy growth of 11.6% in its New Business Total Premiums and 9.4% in New Business Sum Assured in 2023

Kuala Lumpur, Thursday, 18 April 2024 – The life insurance industry continued to show healthy performance in 2023 as compared to 2022.  For the year ended 31 December 2023, the industry recorded a double-digit growth of 11.6% in its new business total premiums to RM13.4 billion as compared to RM12 billion in 2022.  The growth was driven by the strong performance for group policies and investment-linked policies which recorded 14.5% growth to RM5.1 billion and 13.6% growth to RM6.2 billion, respectively.

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