Sales in the risk market grew by 5.5 per cent to $15.7 billion for the year ending June 2016, according to research from Strategic Insight.
Strategic Insight, formerly Plan for Life, says overall risk market sales grew from $14.9 billion to $15.7 billion over the past year up to June 2016.
Individual risk lump sum premium inflows grew by 4.7 per cent, with most companies reporting at least some increase in business.
“Among the market leaders, AIA (17.3 per cent), BT/Westpac (7.6 per cent) and TAL (7 per cent) experienced the highest percentage increases in their inflows year-on-year,” the study said.
Risk income inflows increased 6.9 per cent over the past year ending June, with BT/Westpac (18.4 per cent), AIA (17.6 per cent) and TAL (12.3 per cent) the best performers within that market.
Group risk premium inflows also rose by 5.7 per cent over the year.
“Of the larger companies, TAL (27.1 per cent), OnePath (14.7 per cent) and AIA (14 per cent) recorded well above average percentage increases in their annual group risk inflows,” the research said.
Strategic Insight said TAL’s increase in group risk inflows was mainly due to it being awarded the Cbus insurance mandate.
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