For the year to 31 March 2016, Plan for Life found that total market inflows grew by 6.2 per cent from $14.7 billion in the prior corresponding period.
Plan for Life noted that inflows into the lump sum sub-market grew by 5.3 per cent, with most companies reporting at least some increase in business.
“Among the market leaders, AIA (17.1 per cent), BT/Westpac (8.3 per cent) and TAL (7.4 per cent) experienced the highest percentage increases in individual risk lump sum premium inflows year on year,” a statement from Plan for Life said.
These were followed by OnePath and Suncorp, which grew 6.9 per cent and 4.4 per cent respectively.
On the individual risk income inflow front, the industry experienced a 6.8 per cent increase over the year.
BT/Westpac, AIA and TAL were the top performers in this segment, growing 17.7 per cent, 16.5 per cent and 12.6 per cent respectively.
However, AMP saw a dip of 2.7 per cent in its annual growth, while CommInsure’s risk income inflows dipped 2.6 per cent.
Across the group risk segment, the industry saw an increase in inflows of 6.9 per cent.
“Of the larger companies, TAL (24.8 per cent), AIA (16.3 per cent) and OnePath (15.6 per cent) recorded well above-average percentage increases in their annual group risk inflows,” the statement said.
However, Plan for Life noted that TAL’s growth in the segment was mainly due to being awarded the Cbus insurance mandate.
