Plan For Life (PFL) reports inflows to the Australian life risk market grew by 12.5% in 2010 to $9.4 billion, but new business sales during the year were flat.
In its latest quarterly update, PFL reports inflows for individual lump sum and income protection business each grew by around 10%, while group insurance inflows, which include super funds, master funds and wrap accounts, leapt by 17.6% in 2010.
On the other hand, individual lump sum and income protection sales only grew by around 3% and 2% respectively, while group insurance sales dropped by 4.6%.
But PFL puts the decline in group insurance sales into perspective, given strong growth in 2009, when it notes:
… the reason is due to a lag effect whereby strong Sales in 2009 led in turn to strong Inflow growth in 2010 but at the same time set a hurdle that made it more difficult to repeat the same sales growth in the next year
The stand-out life insurance company during the year was TOWER Australia. TOWER topped the overall growth rates across both sales and inflows.
Top-ranked insurers across market share and growth categories in the year to 31 December 2010, were:
Top 5 Companies Total Risk Premium Inflows (Market Share)
- NAB/MLC Group
- TOWER
- CommInsure
- OnePath
- AIA Australia
Top 5 Companies Total Risk Premium Inflows (Growth)
- TOWER
- AMP
- AIA Australia
- BT/Westpac
- OnePath
Top 5 Companies Total Risk Premium Sales (Market Share)
- TOWER
- NAB/MLC Group
- OnePath
- CommInsure
- AMP
Top 5 Companies Total Risk Premium Sales (Growth)
- TOWER
- AMP
- AXA Australia
- OnePath
- BT/Westpac
Top 5 Companies Individual Risk Lump Sum Inflows (Market Share)
- NAB/MLC Group
- CommInsure
- OnePath
- AMP
- TOWER
Top 5 Companies Individual Risk Lump Sum Inflows (Growth)
- AIA Australia
- Zurich
- TOWER
- OnePath
- AXA Australia
Top 5 Companies Individual Risk Lump Sum Sales (Market Share)
- OnePath
- CommInsure
- NAB/MLC Group
- TOWER
- AMP
Top 5 Companies Individual Risk Lump Sum Sales (Growth)
- AIA Australia
- AMP
- OnePath
- Suncorp Group
- AXA Australia
Top 5 Companies Individual Risk Income Protection Inflows (Market Share)
- NAB/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)
- NAB/MLC Group
- OnePath
- CommInsure
- AXA Australia
- BT/Westpac
Top 5 Companies Individual Risk Income Protection Sales (Growth)
- AIA Australia
- Macquarie Life
- OnePath
- AXA Australia
- Suncorp Group
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
- CommInsure
- National Australia/MLC Group
- OnePath
