COVID has brought the spotlight on the need for protection. This also applies to employers seeking to provide more reassurance to their employees; hence, we see more demand for Protection products - Individual and Group. Also, given the market volatility, ULIPs have seen muted growth, and customers are looking for solutions offering guaranteed returns and assured savings.
In the future, the focus will be on growth (estimated 12-14%) over the next five years, which is expected to be driven by group products, individual pensions, and life cover products.