Singapore IFAs Gain Market Share as Investment-Linked Policies Soar

Independent financial advisers (IFAs) in Singapore are capturing a larger share of the life insurance market as demand for personalised financial solutions rises.

According to the Life Insurance Association, IFAs accounted for 40.7% of new business growth in 2024, surpassing tied agents at 33.3%. This marks a dramatic increase from just 19% in 2017. Unlike tied agents, IFAs can offer a wider selection of policies across insurers, meeting the growing demand for holistic and client-centric planning.

Total weighted new business premiums climbed 19.7% to SGD5.87bn (USD4.58bn), with investment-linked policy sales—often led by IFAs—rising 41% to SGD2.25bn.