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Annual Long Term Business Statistics


(Percentage changes in brackets in the following paragraphs represent changes over 2016)

Total office premiums for in-force long term business were $440.9 billion in 2017 (increased by 8.5%). The Individual Life category remained the dominant line of business, making up $415.1 billion or 94.1% of total long term business. The respective number of policies in 2017 stood at 12.5 million, carrying net liabilities of $1,849.9 billion.
 
Yearly contributions for Retirement Scheme contracts administered by insurers were $8.9 billion (increased by 4.2%). There were 62,271 Retirement Scheme contracts carrying net liabilities of $125.2 billion. In-force office premiums for Group Life business were $3.4 billion (increased by 3.9%), carrying net liabilities of $1 billion. In-force office premiums for Annuity business and Other business (mainly Permanent Health business) were $13.6 billion (increased by 39%).
 
Office premiums for new Individual Life business were $150.6 billion (decreased by 15.9%), including $137.9 billion from Individual Life (Non-Linked) business (decreased by 20.5%) and $12.7 billion from Linked business (increased by 123.2%). The total number of new policies was 1.3 million in 2017 (minimal change).

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