Steady increase for life insurance premium flows

Life insurance premium inflows inched 2.1% in the 12 months to March, the latest analysis from Strategic Insight shows.

The report, which analyses life insurance across group risk insurance, individual risk lump sum and risk income insurance, found inflows into the market hit $15.9 billion, up from $15.6 billion on the prior corresponding period.

Group risk premiums were flat, while individual risk lump sums increased by 3.1%, and individual risk income rose by 4.6%.

Zurich (60.5%), recorded the highest rate of growth in the past year as a result of amalgamating with Macquarie's risk business, followed by MetLife (9.3%), BT/Westpac (7.4%) and AIA (6.4%).

AMP and OnePath posted flat results, while CommInsure (-5.2%) experienced negative growth.

Industry leaders TAL (-54.1%) and AIA (-31.1%) both recorded a decline in sales during the period.

Sales for MetLife (165.5%) on the other hand soared, particularly across its group risk segment.

Among the others, Zurich (20.2%), MLC (13%), CommInsure (6%) and BT/Westpac (5.4%) recorded positive sales results year-on-year.

TAL (16.7%) maintained its market lead, closely followed by AIA (14.5%), AMP (12.2%) and MLC (12%). Zurich, MetLife and Suncorp hold an equivalent amount of the market (4.1%).

Read more: Life insuranceMetLifeZurichAMPCommInsureStrategic InsightTALMacquarieOnePathSuncorp
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