(Percentage changes in brackets in the following paragraphs represent changes over 2022)
Office premiums of in-force long term business were $474.8 billion in 2023 (increased by 0.3%), continued to be dominated by the Individual Life category which contributed $426.5 billion (increased by 0.5%) or 89.8% of the total. The number of policies in this category was 14.2 million, carrying net liabilities of $2,455.3 billion.
On the other hand, the total office premiums of new Individual Life business was at $170.1 billion (increased by 33.4%), derived from $158.9 billion of Non-linked business (increased by 41.1%) and $11.3 billion from Linked business (decreased by 24.4%). The number of new policies was around 890,000 (increased by 17.1%). Meanwhile, new Individual Annuity business increased by 14.9% to $8.8 billion. In 2023, around 30,000 QDAPs were sold, contributing total annualized premiums amounting to $1.9 billion.
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