Insurance Authority releases provisional statistics for the first quarter of 2026

On 24 July 2026, the Insurance Authority ("IA") released provisional statistics for the first quarter of 2026, indicating total gross premiums reached $291.6 billion, a 32.3% increase year-on-year.

Long Term Business Performance

Long term business new office premiums, excluding Retirement Scheme business, totaled $141.1 billion, reflecting a 51.1% increase. This was primarily driven by Non-Linked individual business at $135.3 billion (up 50.2%), which comprised participating business of $125.7 billion (up 53.7%) and other businesses of $9.7 billion (up 16%). Linked individual business contributed $5.7 billion, a 77.2% rise. Additionally, 28,000 Qualifying Deferred Annuity Policies were issued, contributing $1.8 billion or 1.3% of total individual premiums. Revenue premiums for in-force business amounted to $256.4 billion in the first quarter of 2026 (up 35.6%), mainly from Non-Linked individual business ($233.5 billion, +38.1%), Linked individual business ($8.6 billion, +39%), and Retirement Scheme business ($12.1 billion, +3.2%). Total claims and benefits paid were $92.3 billion, a decrease of 2.1%. As of 31 March 2026, total and net assets under long term business were $5,504 billion and $733.3 billion respectively.

General Business Financial Overview

General business total gross premiums in the first quarter of 2026 were $35.2 billion (up 12.5%), broken down into direct onshore business ($15.8 billion, +3.4%), direct offshore business ($2.1 billion, +10.6%), reinsurance inward onshore business ($2.9 billion, +28%), and reinsurance inward offshore business ($14.4 billion, +21.6%). Net premiums were $23.1 billion (up 12%), while total gross claims paid were $14.1 billion (up 15%). The overall operating profit was $4.1 billion (up 56.1%), with $2.6 billion attributable to underwriting profit (up 193.7%). Direct business recorded gross and net premiums of $17.8 billion (up 4.2%) and $11.8 billion (up 4%) respectively, against $7.1 billion of gross claims paid (up 5.4%). Gross premiums were mainly derived from onshore Accident & Health business ($8.4 billion, up 9.9%). Underwriting profit of $2.3 billion (up 118.2%) was supported by onshore Pecuniary Loss business ($1.4 billion, up 451.6%) and onshore Accident & Health business ($0.3 billion, up 178%). Reinsurance inward business gross and net premiums were $17.3 billion (up 22.7%) and $11.3 billion (up 21.8%) respectively, with $6.9 billion of gross claims paid (up 26.7%). Gross premiums were driven by offshore Property Damage business ($5.1 billion, up 8.3%), offshore Accident & Health business ($3.4 billion, up 56.4%), and offshore Motor Vehicle business ($1.9 billion, up 29.8%). The underwriting result improved from a $0.2 billion loss in 2025 to a $0.3 billion profit. As of 31 March 2026, total and net assets under general business were $351.9 billion and $137.7 billion respectively.

Supplementary Note on Claims

Note 1 clarifies that claims and benefits payments include lapsation/surrender benefits of $43.9 billion, as well as other claims and benefits of $48.4 billion.