Life insurance sector flat, despite uptick in new business
The life insurance sector remains on par with last year, clocking $1.3 billion in new annual premiums in the 12 months to June 2015, according to figures from independent researcher DEXX&R.
The latest Life Analysis Report showed that despite flat full-year results, after two quarters of falling sales, new business in the June quarter rebounded to $321 million, an increase of 15 per cent.
All top 10 companies recorded an increase over the quarter, with five of the top 10 recording a percentage increase higher than the market average.
AIA Australia saw an increase of 25 per cent to $15 million; Zurich an increase of 20 per cent to $18 million; AMP saw an increase of 18 per cent to $37 million; CommInsure an increase of 16 per cent to $40 million; and Westpac saw an increase of 16 per cent to $37 million.
For the full year to June 2015, four of the top 10 companies recorded an increase in lump sum new business.
Zurich recorded an 11 per cent increase to $65 million; MLC a 4 per cent increase to $193 million; OnePath saw a 3 per cent increase to $178 million; and TAL a 2 per cent increase to $154 million.
At the same time, total in-force group risk business increased by 15 per cent to $5.5 billion over the 12 months to June 2015, up from $4.8 billion at June 2014.
All of the major participants in the group risk market recorded double digit percentage increases in in-force group business to June 2015
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