Risk Sales Continue to Fall

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Premium inflows were up year on year this March, but sales fell more than 10%, the latest figures from Plan For Life have shown.

The researcher has released its latest Life Insurance Risk Market Inflows and Sales report for the year ending March 2015. While premium inflows increasing by 9.4% for the period, sales fell 13.2%.

The decline was due in particular to a fall in group risk sales of 28.8%. According to Plan For Life, group risk sales have now fallen back closer to normal levels, after a sharp increase of almost 90% in the previous year.

AIA reported the strongest growth of 44% in overall risk sales for the period, followed by CommInsure (9.5%), OnePath (7.8%) and AMP (6.8%).

Individual risk lump sum inflows grew by 6.3%, but sales were down 2.4%. In the individual risk income market, inflows were up 5.6%, while sales were down 4.8% on the previous year. Group risk inflows increased by 15% in the 12 months to 31 March 2015.

The top-ranked insurers across market share and growth categories in the year to 31 March 2015 were:

(Note: the numbers in brackets represent the insurers’ position as reported for the period ending 30 September 2014)

Top 5 Companies Total Risk Premium Inflows (Market Share)

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

Top 5 Companies Total Risk Premium Inflows (Growth)

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

Top 5 Companies Total Risk Premium Sales (Market Share)

  1. NAB/MLC (4)
  2. CommInsure (5)
  3. AIA Australian (2)
  4. AMP (3)
  5. OnePath (-)

Top 5 Companies Total Risk Premium Sales (Growth)

  1. AIA Australia (2)
  2. CommInsure (-)
  3. OnePath (-)
  4. Zurich (-)
  5. AMP (5)

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

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

Top 5 Companies Individual Risk Lump Sum Inflows (Growth)

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

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

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

Top 5 Companies Individual Risk Lump Sum Sales (Growth)

  1. Zurich (1)
  2. NAB/MLC (4)
  3. TAL (-)

(All other companies posted negative growth)

Top 5 Companies Individual Risk Income Inflows (Market Share)

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

Top 5 Companies Individual Risk Income Inflows (Growth)

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

Top 5 Companies Individual Risk Income Sales (Market Share)

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

Top 5 Companies Individual Risk Income Sales (Growth)

  1. Zurich (1)
  2. BT/Westpac (2)
  3. NAB/MLC (3)

(All other companies posted negative growth)

Top 5 Companies Group Risk Inflows (Market Share)

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

Top 5 Companies Group Risk Sales (Market Share)

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

 



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1 COMMENT

  1. Gee – won’t those figures take a hammering when 50% of IFA advisers are gone in 3 years

    Hardly worth reporting then

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