Risk Inflows Up, But Sales Down

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Plan For Life reports risk inflows grew by 10% in the year to June 2015, but that new premium sales fell by almost 5% during the same period.

The researcher said all the major risk market participants recorded higher overall inflows, with AIA Australia, BT/Westpac and MetLife leading the way.

The 4.8% fall in sales was felt mostly in the income protection and group risk markets, which both experienced a reduction of over 7%. Individual lump sum sales also fell, but only by 2%.

The stand-out sales growth leader in the individual lump sum market was Zurich, which achieved an increase of almost 12% in the year to June, with the next highest growth rate recorded by NAB/MLC, at 3.8%. Of the main providers, OnePath and TAL were the only other insurers to register individual lump sum sales growth during the year.

Zurich was also the big winner in the income protection space, recording a hefty 20.8% sales increase. While noting Zurich’s increase came off a low base, PFL reports the only other insurer in positive territory for IP sales growth in the year to June was OnePath, coming in at 4.8%.

The more volatile group risk market experienced solid overall inflow growth of 17%, where the main sales winners were Suncorp and AMP, which both experienced sales growth of over 100%, mainly at the expense of TAL and MetLife.

The top-ranked insurers across market share and growth categories in the year to 30 June 2015 were:

(Note: the numbers in brackets represent the insurers’ position as reported for the period ending 31 March 2015)

Top 5 Companies Total Risk Premium Inflows (Market Share)

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

Top 5 Companies Total Risk Premium Inflows (Growth)

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

Top 5 Companies Total Risk Premium Sales (Market Share)

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

Top 5 Companies Total Risk Premium Sales (Growth)

  1. AIA Australia (1)
  2. CommInsure (2)
  3. NAB/MLC (-)
  4. OnePath (4)
  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. Suncorp (-)

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

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

Top 5 Companies Individual Risk Lump Sum Sales (Growth)

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

(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 (5)

Top 5 Companies Individual Risk Income Inflows (Growth)

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

Top 5 Companies Individual Risk Income Sales (Market Share)

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

Top 5 Companies Individual Risk Income Sales (Growth)

  1. Zurich (1)
  2. OnePath (-)

(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 (5)

Top 5 Companies Group Risk Sales (Market Share)

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


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