Sales of individual life risk insurance have fallen by eight per cent in the March 2015 quarter, dropping to $280 million, research house DEXX&R has found.
In the research house’s Life Analysis Report, DEXX&R found sales in the March quarter fell from $306 million in the December 2014 quarter.
While adding that the March quarter is “traditionally the slowest quarter” of the year, this year’s results are actually down two per cent on the March 2014 quarter of $286 million.
DEXX&R added that in the year to March 2015, there was no growth in new annual premiums.
“Total sales of $1.3 billion in new annual premiums over the 12 months to March 2015 were the same as that recorded for the 12 months to March 2014,” a statement from DEXX&R said.
“Only two top ten companies recorded a significant increase in Lump Sum new business: MLC with a five per cent increase to $192 million and Zurich, [with] a seven per cent increase to $62 million,” he said.
According to the research house, total in-force group risk business increased by 16 per cent to $5.4 billion for the year ending March 2015, up from $4.7 billion in the previous corresponding period.
“Companies to record double digit increases in in-force group business over the 12 months to March 2015 include AIA Australia, with a 22 per cent, $259 million increase in in-force group risk business to $1.4 billion.”
“[Also,] CommInsure with a 23 per cent, $141 million increase in in-force group risk business to $748 million, MetLife with a 14 per cent increase to $543 million and MLC with a 21 per cent increase to $513 million,” the statement said.
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