Risk premium inflows experienced marginal decreases in the 12 months to September 2020, new research shows.
The latest data from Plan For Life showed inflows decrease by 0.4% with the largest falls from BT/Westpac (-20.8%) and AIA (-10.1%).
These were however, offset partially by increased inflows reported by TAL (15.7%) and ClearView (7.9%).
"With the exception of ClearView, all these results were mainly driven by changes in their respective Group Risk business," Plan For Life said.
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Other insurers with relatively flat inflows were Zurich Australia up 1.8% and MLC Life who recorded a loss of 2.3%.
Despite this, annual sales in the risk market increased by 28.9% over this period. TAL recorded the largest increase (193.8%) followed by AIA (61.1%).
The other risk market insurers recorded loss in sales particularly MetLife (-44%), MLC Life (-15.9%), Zurich (-13.5%), Resolution (-11.3%) and BT/Westpac (-11.%).
Plan For Life noted TAL, AIA and MetLife contributed significantly to the overall result.
The data is in line with APRA's quarterly life insurance performance statistics which painted a bleak picture with net profit after tax down 95.6% to $18 million while total revenue down 27.4% in the September quarter.
The results are worse year on year with net profit after tax down $1.6 billion down from $220 million the previous year while total revenue plummeted 63% to $12.9 billion.
Risk products reported a $216 million loss over the quarter with a $318 million loss to individual disability income insurance partially offset by a $35.5 million net profit in group disability income insurance and $162.9 million profit in individual lump sum.