Life Industry Reports Steady Sales Growth

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The latest sales and inflows figures demonstrate continued growth for the life insurance market, and have reaffirmed TAL’s position as the new number one insurance company in terms of market share.

Plan For Life (PFL) has released its Life Risk Market Overview for the year ending December 2013, which shows TAL in the top market share position for total risk premium inflows (14.7%), ahead of AMP (14.3%) and NAB/MLC (13%).

Overall risk inflows grew by 11.5% during the 2013 calendar year. The biggest increases in risk business, as reported by PFL, were experienced by MetLife (achieving growth of 101.2%), TAL (21.2%) and BT/Westpac (19.1%). Total sales also increased in the twelve months to December 2013, growing by 11.7% year on year.

The individual risk lump sum market saw only a slight increase in sales during the period (2.4%), but premium inflows into this segment increased by 9%.

Sales growth was also slow in the in the individual risk income market, increasing by a modest 3.4% in 2013. Individual risk income inflows grew by 8.5%.

In contrast, group market sales jumped 32.5% in the period, and inflows were up strongly by 16.5%.

The top-ranked insurers across market share and growth categories in the year to 31 December 2013 were:

(Note: the numbers in brackets represent the insurers’ position as reported for the period ending 30 September 2013)

Top 5 Companies Total Risk Premium Inflows (Market Share)

  1. TAL (2)
  2. AMP (1)
  3. NAB/MLC (3)
  4. CommInsure (4)
  5. AIA Australia (5)

Top 5 Companies Total Risk Premium Inflows (Growth)

  1. MetLife (-)
  2. TAL (3)
  3. BT/Westpac (2)
  4. AIA Australia (1)
  5. Zurich (4)

Top 5 Companies Total Risk Premium Sales (Market Share)

  1. TAL (2)
  2. NAB/MLC (4)
  3. CommInsure (1)
  4. AMP (3)
  5. OnePath (5)

Top 5 Companies Total Risk Premium Sales (Growth)

  1. MetLife (-)
  2. NAB/MLC (2)
  3. TAL (-)
  4. AIA Australia (1)
  5. BT/Westpac (3)

Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)

  1. AMP (1)
  2. NAB/MLC (2)
  3. CommInsure (3)
  4. OnePath (4)
  5. TAL (5)

Top 5 Companies Individual Risk Lump Sum Inflows (Growth)

  1. Macquarie Life (1)
  2. AIA Australia (2)
  3. BT/Westpac (3)
  4. Zurich (4)
  5. OnePath (-)

Top 5 Companies Individual Risk Lump Sum Sales (Market Share)

  1. OnePath (1)
  2. AMP (2)
  3. CommInsure (3)
  4. NAB/MLC (4)
  5. BT/Westpac (5)

Top 5 Companies Individual Risk Lump Sum Sales (Growth)

  1. AIA Australia (2)
  2. Zurich (4)
  3. BT/Westpac (3)
  4. NAB/MLC (5)
  5. TAL (-)

Top 5 Companies Individual Risk Income Inflows (Market Share)

  1. AMP (1)
  2. NAB/MLC (2)
  3. OnePath (3)
  4. CommInsure (4)
  5. TAL (5)

Top 5 Companies Individual Risk Income Inflows (Growth)

  1. Macquarie Life (1)
  2. BT/Westpac (2)
  3. TAL (3)
  4. AIA Australia (4)
  5. OnePath (5)

Top 5 Companies Individual Risk Income Sales (Market Share)

  1. AMP (1)
  2. NAB/MLC (2)
  3. OnePath (3)
  4. TAL (4)
  5. BT/Westpac (5)

Top 5 Companies Individual Risk Income Sales (Growth)

  1. Suncorp (-)
  2. Zurich (-)
  3. BT/Westpac (2)
  4. TAL (3)
  5. NAB/MLC (-)

Top 5 Companies Group Risk Inflows (Market Share)

  1. AIA (1)
  2. TAL (2)
  3. CommInsure (3)
  4. MetLife (-)
  5. NAB/MLC (-)

Top 5 Companies Group Risk Sales (Market Share)

  1. MetLife (-)
  2. TAL (2)
  3. NAB/MLC (4)
  4. AIA (1)
  5. CommInsure (3)


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