Premium inflows and risk new business sales both continued their growth patterns in the year to September 2010, according to Plan For Life’s latest update.
Following recent trends, premium inflows grew at a higher rate (13.4%) than new business sales (3.1%). But while both continued their overall long pattern of growth, only four retail insurers experienced positive new business sales growth in the year to September 2010: TOWER, OnePath, AXA Australia and BT/Westpac.
Within the lump sum market, the highest rates of premium inflow growth were experienced by AIA Australia, Zurich, TOWER and OnePath, while AXA Australia and OnePath were the only two insurers who achieved double digit new business sales growth.
BT/Westpac, AIA Australia, OnePath, Zurich and CommInsure stood out for inflow growth in the Income Protection market, where highest IP sales growth was experienced by AIA Australia, AXA Australia, OnePath and BT/Westpac.
The Group Risk market continued its more volatile growth patterns by contrast with the individual market, reflecting what PFL refers to as ‘… the inherent ongoing cyclical remarketing nature of Group Risk business.’ The big winner in the 12 months to September 2010 was TOWER, which doubled its group risk premium inflows and almost quadrupled its new business sales.
Top-ranked insurers across market share and growth categories in the year to 30 September 2010, were:
Top 5 Companies Total Risk Premium Inflows (Market Share)
- National Australia/MLC Group (data now includes Aviva)
- CommInsure
- OnePath
- TOWER
- AIA Australia
Top 5 Companies Total Risk Premium Inflows (Growth)
- TOWER
- AMP
- AIA Australia
- OnePath
- NAB/MLC
Top 5 Companies Total Risk Premium Sales (Market Share)
- TOWER
- National Australia/MLC Group
- OnePath
- CommInsure
- AMP
Top 4 Companies Total Risk Premium Sales (Growth)
- TOWER
- OnePath
- AXA Australia
- BT/Westpac
Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)
- National Australia/MLC Group
- CommInsure
- OnePath
- AMP
- TOWER
Top 5 Companies Individual Risk Lump Sum Inflows (Growth)
- AIA Australia
- Zurich
- TOWER
- OnePath
- NAB/MLC
Top 5 Companies Individual Risk Lump Sum Sales (Market Share)
- OnePath
- National Australia/MLC Group
- CommInsure
- TOWER
- AMP
Top 5 Companies Individual Risk Lump Sum Sales (Growth)
- AXA Australia
- OnePath
- AMP
- TOWER
- BT/Westpac
Top 5 Companies Individual Risk Income Protection Inflows (Market Share)
- National Australia/MLC Group
- CommInsure
- AXA Australia
- OnePath
- Suncorp Group
Top 5 Companies Individual Risk Income Protection Inflows (Growth)
- BT/Westpac
- AIA Australia
- OnePath
- Zurich
- CommInsure
Top 5 Companies Individual Risk Income Protection Sales (Market Share)
- National Australia/MLC Group
- OnePath
- CommInsure
- AXA Australia
- AMP
Top 5 Companies Individual Risk Income Protection Sales (Growth)
- Macquarie Life
- AIA Australia
- AXA Australia
- OnePath
- BT/Westpac
Top 5 Companies Group Risk Inflows (Market Share)
- AIA Australia
- TOWER
- OnePath
- CommInsure
- National Australia/MLC Group
Top 5 Companies Group Risk Sales (Market Share)
- TOWER
- AIA Australia
- National Australia/MLC Group
- OnePath
- CommInsure
