A few major life insurers recorded major growth in overall risk premium inflows despite low growth across the entire market, according to Strategic Insight figures.
AIA (13.3 per cent), TAL (11.5 per cent) and BT/Westpac (10.1 per cent) managed to record double digit percentage growth rates in overall risk premium inflows in the year ending September 2016, Strategic Insight said in a statement.
This is despite overall risk premium inflows increasing by a modest 3.6 per cent for the same 12 months, the statement said.
Also, annual sales in the risk market rose 7.5 per cent, after staging a partial bounce back from the 23.2 per cent fall from the previous year.
“Market leaders TAL (138.2 per cent) and AIA (40.6 per cent) both reported large jumps in their risk sales year-on-year again, recovering from equally large falls they suffered in the previous 12 months with volatility in the group risk market, in particular, driving all these results,” the statement said.
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