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Singapore's life insurers maintain strong capital buffers



Singapore's nine key life insurers are maintaining healthy capital buffers, with almost all achieving capital adequacy ratios (CAR) of at least 150%, exceeding the stipulated minimum of 100%. The insurers—AIA Singapore, Etiqa Insurance, Great Eastern Life, HSBC Life Singapore, Manulife Singapore, Income Insurance, Prudential Singapore, Singlife, and Tokio Marine Life Insurance Singapore—are expected to remain well-capitalised in the coming months. Tokio Marine Life's CAR fell from 244% in 2019 to 102% in 2023 due to a renewed measurement methodology but rose to 245% in the third quarter of 2024 after management actions and a capital injection. Manulife Singapore maintained CARs above mandated levels but recorded the lowest among peers in some years.

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