Industry News

Singapore’s life insurance industry has reported a robust 19.7% year-on-year (YoY) growth in 2024, achieving $5.87b in total weighted new business premiums, according to the Life Insurance Association, Singapore (LIA Singapore). This growth, primarily driven by an increase in annual premium business, highlights the sector’s resilience amidst challenging economic conditions.

Investment-linked plans (ILPs) were a significant contributor, surging 41% YoY, as consumers sought wealth accumulation options amidst economic uncertainty. Regular premium ILPs, which help mitigate market timing and volatility, saw increased uptake. Non-participating products also grew by 19.2% YoY, whilst participating products saw a slight decline of 2.7% YoY.

The industry also made progress in narrowing Singapore’s protection gap, with a 3.6% YoY increase in total sum assured for the year. Health insurance coverage expanded, with approximately 40,000 more Singaporeans and Permanent Residents covered by Integrated Shield Plans (IPs) by the end of 2024. In total, 2.97 million lives, or 71% of Singapore residents, are now protected by IPs.

Dennis Tan, President of LIA Singapore, expressed optimism about future growth, citing rising consumer awareness and demand for sustainable insurance products. However, he noted the challenge of medical inflation, expected to rise by 12%  in Singapore, necessitating collaboration among insurers, the medical community, and policymakers to keep healthcare premiums affordable.

The final quarter of 2024 saw an 11.1% YoY growth in total weighted new business premiums compared to the previous year, driven by a 27.9% YoY increase in annual premium products. However, single premium products experienced a 26.3% YoY decline in the same period. The industry paid out $18.12b in claims in 2024, marking a 33.4% increase from the previous year.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

SGTech, Singapore’s premier tech association, has unveiled its recommendations for the 2025 Budget, emphasising the need for AI-driven workforce upskilling, a global talent strategy, and enhanced support for small and medium-sized enterprises (SMEs). As technological disruption accelerates, SGTech warns that without targeted interventions, Singapore risks losing its competitive edge in the global tech sector.

The association, representing over 1,300 member companies, stresses the importance of leveraging Singapore’s skilled workforce and strategic location. However, challenges such as offshoring, talent migration, and an AI skills gap threaten to undermine long-term competitiveness. SGTech’s recommendations include:

– Accelerating workforce upskilling through AI adoption
– Strengthening Singapore’s position as a Global Talent Hub
– Increasing support for SMEs in the tech talent ecosystem

Nicholas Lee, Chair of SGTech, stated, “Our Budget 2025 recommendations are about more than just short-term growth – they are about securing Singapore’s place in the next era of global technology leadership.”

SGTech proposes stronger partnerships between government agencies and industry associations to drive AI adoption among SMEs. This includes showcasing successful AI use cases and enhancing business consultancy support to help SMEs implement AI-driven productivity improvements.

To bolster Singapore’s status as a Global Talent Hub, SGTech recommends financial support for overseas placements and a skills-based approach to immigration policies. Sharon Teo, Co-Chair of SGTech’s Talent Steering Committee, highlighted the need for SMEs to attract tech talent, stating, “By incentivising SME-led training and adopting a skills-first hiring approach, we can build a more agile, competitive workforce.”

The association also suggests expanding on-the-job training initiatives and introducing co-funded SME scholarship schemes to attract young professionals to SMEs, ensuring a robust tech talent ecosystem.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

CapitaLand Ascott Trust (CLAS) has been recognised as the sole lodging trust from Asia Pacific to be included in the S&P Global Sustainability Yearbook 2025. This marks CLAS’s debut in the prestigious index, where it also achieved the ‘Industry Mover’ status, highlighting its significant improvement within the industry.

The S&P Global Sustainability Yearbook, which assessed over 7,690 companies globally, recognised only 780 companies this year. The inclusion is based on the S&P Global Corporate Sustainability Assessment (CSA), which evaluates a company’s management of environmental, social, and governance (ESG) risks and opportunities.

Serena Teo, CEO of CapitaLand Ascott Trust Management Limited, stated, “Sustainability remains core to what we do at CLAS. We integrate sustainability in every stage from investment to design, development and operations.” She emphasised CLAS’s commitment to achieving its sustainability targets and providing confidence to investors through externally assured sustainability reports.

CLAS has already greened over 50% of its global portfolio and aims to achieve 100% by 2030. The trust’s asset enhancement initiatives (AEI) focus on improving energy and water efficiency, with six out of eight properties in the AEI pipeline already green certified.

The trust’s inclusion in the yearbook further solidifies its reputation as a leader in sustainability, having secured over $800min sustainable financing. CLAS’s achievements include being named ‘Global Listed Sector Leader – Hotel’ in GRESB for four consecutive years and topping the Singapore Governance and Transparency Index in its category.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

The Inland Revenue Authority of Singapore (IRAS) has announced that more than 2 million employees will benefit from prefilled tax returns in 2024, as part of the Auto-Inclusion Scheme (AIS). This initiative requires approximately 120,000 employers to submit their employees’ income data by 1 March to prevent penalties.

Last year, 11,000 employers missed the AIS deadline, resulting in inaccurate or delayed tax assessments for 140,000 employees.

The AIS, which simplifies the tax filing process by automatically including employment income data in tax returns, has seen a significant increase in participation.

This year, 12,500 new employers have joined the scheme, bringing the total number of AIS employers to around 120,000. These employers received a notification from IRAS in January 2025, outlining their obligations under the scheme.

The expansion of the AIS is a crucial step in improving the efficiency and accuracy of tax assessments in Singapore.

By ensuring timely submission of employment income data, the scheme aims to reduce errors and delays in tax processing. This initiative not only benefits employees by providing prefilled tax returns but also helps employers streamline their reporting processes.

As the deadline approaches, IRAS urges all AIS employers to comply with the submission requirements to avoid penalties and ensure a smooth tax filing experience for their employees. The continued growth of the AIS reflects Singapore’s commitment to leveraging technology for enhanced tax administration and compliance.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

ISOTeam Ltd. has reported a significant 36.5% increase in net attributable profit for the first half of the fiscal year 2025, reaching $1.9m. This growth is attributed to a 4.2% rise in revenue, totalling $65.4m, largely driven by the Alteration and Addition (A&A) segment, which saw a 61.6% year-on-year increase to $30.3m.

The company’s order book stands robust at $188.7m, expected to sustain activities through to FY2029. Executive Director and CEO, Anthony Koh, expressed optimism about maintaining a strong order book, citing ongoing tenders and public sector projects as potential opportunities. “With more infrastructure projects and upgrading works being announced by the public sector, I am optimistic that ISOTeam will be able to maintain a robust order book that will continue to deliver positive results,” Koh stated.

ISOTeam’s gross profit also saw an 18.4% increase to $9.9m, with a gross profit margin improvement of 1.8 percentage points, reflecting better margins from post-COVID-19 projects. The company recently completed a capital reduction exercise to enhance its financial position and future dividend capabilities.

Looking ahead, ISOTeam is poised to benefit from the Building and Construction Authority’s forecasted construction demand growth, driven by major projects like Changi Airport Terminal 5 and Marina Bay Sands expansion. The company is also advancing its technological capabilities with ISOTeam BuildTech, focusing on autonomous solutions, including drones for façade inspections and painting, expected to be commercialised by the end of 2025. This innovation aims to boost productivity and safety, positioning ISOTeam for future growth in the digital era.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

The Straits Times Index (STI) has achieved a new all-time high of 3,921.30, marking a 23.2% increase over the past 10 months from April 2024 to February 2025. This significant rise was bolstered by substantial net institutional inflows amounting to $489m, despite uneven gains among its constituents.

Key contributors to this surge included Singapore Telecommunications, United Overseas Bank, Singapore Exchange, Oversea-Chinese Banking Corporation, and Singapore Technologies Engineering, which saw the most net institutional inflow. Yangzijiang Shipbuilding led the STI with a remarkable 65% price gain, followed by Singapore Exchange and Hongkong Land with 53% and 45% gains, respectively.

The trio of banks—DBS, UOB, and OCBC—averaged 33% price gains, increasing their combined STI weightage from 50% to 54%. DBS Group Holdings reported a record net profit of S$11.4 billion for FY24, contributing to the STI’s new high. The bank plans to manage excess capital over the next three years, including a Capital Return dividend.

Hongkong Land’s strategic shift towards ultra-premium integrated commercial properties in key Asian cities also played a role in its strong performance. The company aims to double its underlying profit and dividends by 2035.

The STI’s total return over the 10-month period was 29.2%, reflecting its high dividend yield. The index’s current price-to-book ratio of 1.3x suggests a more conservative valuation compared to past peaks.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

First REIT Management Limited, the manager of First Real Estate Investment Trust (First REIT), has announced a distribution per unit (DPU) of 0.58 Singapore cents for the fourth quarter of 2024, maintaining the same level as the previous quarter. However, the full-year DPU for 2024 fell by 4.8% year-on-year (YoY) to 2.36 Singapore cents. This decline is attributed to the depreciation of the Indonesian Rupiah and Japanese Yen against the Singapore Dollar, which affected the Trust’s distributable income.

Victor Tan, Executive Director and CEO of First REIT Management, highlighted the Trust’s robust performance amidst economic uncertainties. “Our sustainable lease structures and 100% committed occupancy rates were the Trust’s key drivers during this year of economic uncertainties,” he stated. Despite the currency challenges, the Trust’s healthcare and healthcare-related portfolio demonstrated strong operational performance.

The Trust’s rental and other income from properties in Indonesia and Singapore increased by 4.7% YoY and 2.0% YoY respectively in local currency terms, whilst income from Japan remained stable. The appraised valuation of First REIT’s assets stood resilient at $1.12b, supported by the strengthening of the Singapore Dollar.

Looking ahead, First REIT maintains a healthy gearing ratio of 39.6%, with 56.9% of its debt on fixed rates or hedged. The Trust’s diversified portfolio and proactive capital management continue to underpin its financial stability, despite external currency pressures.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

HDB resale prices are on track to achieve their longest growth streak by the end of 2025, according to the latest market report from OrangeTee. Following a 2.6% increase in the fourth quarter of 2024, this marks the 19th consecutive quarterly rise since the first quarter of 2020. If current trends continue, prices are expected to rise by 4% to 6% this year, potentially reaching a record 23 consecutive quarters of growth.

The report highlights that whilst the growth streak is significant, the cumulative increase of approximately 58% is modest compared to the 294.4% surge seen from the fourth quarter of 1991 to the fourth quarter of 1996. This difference is attributed to recent cooling measures aimed at curbing rapid price increases.

In the last quarter, prices rose in 20 out of 26 towns, with the Central Area seeing the most substantial increase at 25.6%, followed by Toa Payoh at 12.1%. However, the resale volume is expected to dip slightly in 2025 due to a limited supply of flats reaching their Minimum Occupation Period (MOP) and increased interest in Build-To-Order (BTO) flats.

Christine Sun, Chief Researcher and Strategist at OrangeTee, noted that the number of flats reaching MOP is projected to fall to 6,974 units in 2025, the lowest in 11 years. This scarcity, coupled with efforts to reduce BTO waiting times, may divert demand from the resale market, potentially affecting sales volumes, which are expected to range between 25,000 and 27,000 units this year.

Overall, the HDB resale market remains robust, with sustained demand and price growth expected to continue, barring any new cooling measures or unforeseen economic challenges.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

Hogan Lovells, a global law firm, has announced the appointment of Charmian Aw as a partner in its Global Regulatory and Intellectual Property (IP) practice, based in Singapore. Aw, who will join the firm on 25 February from Squire Patton Boggs, brings a wealth of experience in data privacy, cybersecurity, and technology transactions across the Asia Pacific region.

This strategic hire marks the fifth recent addition to Hogan Lovells’ Singapore office, following the appointments of private equity and funds partners Siew Kam Boon, Timothy Goh, and Thomas Kim, as well as Rob Palmer in International Arbitration. The firm has also expanded its Hong Kong office with the addition of Michael Wong and Maria Sit, further strengthening its capabilities in private funds, complex disputes, and cross-border investigations.

Lloyd Parker, Regional Managing Partner for Asia Pacific, highlighted the significance of Aw’s expertise, stating, “Charmian’s expertise in data protection and cybersecurity within ASEAN significantly strengthens our regional offering.” Aw’s experience will be crucial as Hogan Lovells continues to meet growing client demand for coordinated advice amid heightened regulatory scrutiny.

Aw has worked with numerous global corporations on high-value technology transactions and regulatory compliance initiatives across more than 130 jurisdictions. Her appointment is expected to enhance Hogan Lovells’ capabilities in the fast-evolving area of data protection and cybersecurity. Janice Hogan, Practice Group Leader for the Global Regulatory and IP practice, noted, “Charmian’s exceptional experience will be instrumental in driving our growth in APAC.”

Aw expressed her enthusiasm about joining Hogan Lovells, stating, “The firm’s commitment to providing comprehensive advice across the region aligns perfectly with my approach to client service.”

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

Demand for prime office space continues to grow worldwide, despite a 0.3% rise in rents and a 0.2% increase in fit-out costs in the final quarter of 2024, according to Savills’ latest report. Singapore and Tokyo ranked sixth and fifth, respectively, in the Prime Office Costs Index, with Singapore experiencing a 0.5% cost growth. The finance sector has overtaken technology as the leading industry for office space deals in the second half of 2024.

Savills’ report highlights a moderate upward trend in office costs, with a 1.9% increase over the year. In Asia Pacific, net effective costs declined by 1% in Q4 2024, with China seeing a 2.6% drop due to economic uncertainties. Conversely, Sydney and Melbourne experienced cost increases of 1.7% and 1.6%, respectively, driven by reduced landlord incentives and rental growth.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The rise in Singapore’s office cost continued in 2024 as supply of Grade A offices was relatively tight and fit-out costs have been pressured by higher labour costs.”

Globally, Dubai and Los Angeles saw significant cost increases, with Dubai experiencing a 7% rise due to constrained supply and high demand. In North America, Los Angeles reported the highest leasing volumes since Q1 2020, reflecting strong demand.

Rick Schuham, CEO of Global Occupier Services at Savills, stated, “Ultra prime offices remain a key strategic asset for many businesses globally and almost all industries saw an increase in square footage transacted in H2 2024 compared to the first half of last year.”

Looking ahead, Savills anticipates continued growth in rent and leasing volumes in 2025, driven by demographic and behavioural trends as firms compete for talent.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.