While MetLife (23.8 per cent), ClearView (12.4 per cent), AIA (6.1 per cent), TAL (3.3 per cent) and Zurich (1.3 per cent) all managed to report increases in their annual risk inflows, those of both CommInsure (-11.1 per cent) and AMP (-10.6 per cent) were significantly lower, according to a statement.
Total reported premium sales dropped by close to a quarter, or 24 per cent, with all markets substantially lower in particular group risk where sales almost halved year-on-year.
Most companies reported lower risk sales led down by BT/Westpac (-62.5 per cent), AIA (-51.1 per cent), CommInsure (-32.7 per cent), AMP (-25.0 per cent) and TAL (-20.4 per cent) that posted double-digit percentage falls.
By contrast, MetLife (173 per cent) saw its sales jump thanks to a recovery in its group risk business while Zurich (4.1 per cent) was also higher year-on-year.
Life companies grow some balls
So generally inflows are up because of the enormous increases in premiums the FSC members have hit existing customers with since the LIF.
New business down by as much as 62% even with the same FSC members discounting premiums for new business only. Advisers are not writing new business because they can’t afford to.
Face it FSC, your con job to get the LIF passed which you thought would increase profits and advisers would just suck it up as been a complete disaster for customers, advisers and for you too and you deserve it (customers and advisers do not).
Still waiting for Sally Loane and ASIC to answer the open letter I saw here earlier:
https://www.ifa.com.au/risk/27247-an-open-letter-to-asic-and-the-fsc#!/ccomment-page=1
Fades code of ethics will drop this even further. FSC members deserve what they get….arrogant asshats!
Looks like the insurers need to LIF their game.
It’s going to get worse next year. The insurance companies brought this on themselves by advocating LIF which was always about cutting down on their distribution costs
Well didn’t LIF work out well for Australia..
Does’t surprise me, with all the distractions of FASEA taking our time up, and ASIC looking to outlaw us, who has the time and who wants to write risk anymore?