Risk inflows remained flat in FY19
Growth in risk inflows almost ground to a halt over the financial year ending June 2019, only increasing by a relatively marginal 0.8 per cent, according to new Strategic Insight figures.
Total reported premium sales dropped by close to a quarter, or 24 per cent, with all markets substantially lower in particular group risk where sales almost halved year-on-year.
Most companies reported lower risk sales led down by BT/Westpac (-62.5 per cent), AIA (-51.1 per cent), CommInsure (-32.7 per cent), AMP (-25.0 per cent) and TAL (-20.4 per cent) that posted double-digit percentage falls.
By contrast, MetLife (173 per cent) saw its sales jump thanks to a recovery in its group risk business while Zurich (4.1 per cent) was also higher year-on-year.