Risk inflows up 1.9% through 2018
Total individual life insurance premium inflows grew to $16.3 billion over the year ending December 2018, new Strategic Insight figures reveal.
However, inflows into the lump sum sub-market grew by only 0.2 of a percentage point over the past year with mixed company-level results, Strategic Insight said.
Among the market leaders, Zurich (5.3 per cent), TAL (4.0 per cent) and Suncorp (1.4 per cent) experienced the highest percentage increases in their inflows, with smaller players such as ClearView (11.2 per cent) and AIA (10.6 per cent) also reporting impressive growth.
Risk income inflows experienced higher growth than the lump sum market, up 1.9 per cent over the past year. Among the better performers in percentage terms were AIA (7.7 per cent), TAL (6.4 per cent) and Suncorp (6.0 per cent).
As for overall group risk premium inflows, it experienced 4.0 per cent growth over the past year, although individual company results varied significantly.
Of the larger companies, AIA (20.6 per cent) and MetLife (13.0 per cent) recorded well above average percentage increases in their annual group risk inflows.
“It should be noted that individual company growth can be significantly impacted by super fund insurance mandate movements,” Strategic Insight said.
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