New lump sum risk business up 19%
New individual death, TPD and trauma sales totalled $366 million in the September quarter, up 19 per cent on the previous quarter, according to research house DEXX&R.
According to the firm’s Life Analysis report, the rise follows a 13 per cent increase in new business recorded in the June 2016 quarter.
“Lump sum risk product new business has increased for the second consecutive quarter during the year to September 2016, reversing the fall in new business experience in the December 2015 and March 2016 quarter,” the report said.
The report found that, among the top ten life companies, MLC, TAL, AIA Australia and ClearView recorded an increase in lump sum new business for the year ending September 2016.
Total in-force group risk business increased by 7.3 per cent to $6.1 billion over the 12 months to September 2016, up from $5.6 billion at September 2015.
“Over the year ending September 2016, four of the top five companies – TAL, AIA Australia, CommInsure and MLC – recorded an increase in in-force group premiums,” the report said.
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