A number of life insurers recorded 20 per cent plus jumps in their reported risk sales, including BT/Westpac (62 per cent), AIA (35.9 per cent), Zurich (22.7 per cent) and MetLife (21.1 per cent).
On the other hand, risk sales of TAL declined by 37 per cent while AMP’s went down by 10.8 per cent.
Meanwhile, overall risk inflows continued to climb in 2018, but like the previous couple of years now at a much slower pace than the double-digit percentage averages experienced over the past two decades.
“Year on year they were up only a very modest 2 per cent, which compares with the 0.9 per cent and 3.4 per cent posted for 2017 and 2016, respectively,” said Strategic Insight.
“Leading companies that reported significantly increased risk business were AIA (17.4 per cent), MetLife (12.1 per cent) and BT/Westpac (10.4 per cent), while CommInsure (-19.3 per cent) and AMP (-10.8 per cent) saw theirs fall.”
Stats are now not worth anything, because politicians spin them. So do insurers who want LIF to go on, at least until they go blind. The measure of NEW RISK PREMIUMS must only be for fresh, never-insured, lives, not boosted by indexation increases, age based increases and the gouged premiums raised by ALL insurers just before LIF. LIF has worked for no one, other than the banks who could “polish up” their life offices by telling the Japanese their distribution costs on their purchases would go down, following Government sponsored MARKET INTERVENTION.
Left unimpaired, LIF , and its close relative FASEA, will KILL life insurers in 5 years.
Its called the CPI increase, that’s all folks. actual new business is well that’s another story isn’t. When are they going to wake up, the LIF reforms are NOT working