The life insurance sector has continued to post positive growth numbers for total in-force business, across individual and group policies, reaching $15.1 billion for the year to June 2016, according to Dexx&r.
This represented an 8% increase on the June 2015 figures of $14 billion and was spurred along by a 12% increase in Total In-force Group Risk business to $6.1 billion over the twelve months to June 2016, up from $5.5 billion at June 2015.
In its quarterly Life Analysis Report Dexx&r found that the Individual Lump Sum and Disability sales sector bounced back in the June 2016 quarter but was marginally down compared to June 2015.
…the Individual Lump Sum and Disability sales sector bounced back in the June 2016 quarter…
According to Dexx&r, Lump Sum Risk product new business increased by 13% in the June quarter when compared to the March 2016 quarter with new business totalling $308 million but was 4% down on the $321 million recorded in the June 2015 quarter.
This slight downturn was also reflected in the year to June 2016 figures in which the life insurance sector wrote $1.26 billion of lump sum new businesss, which was slightly down down on the $1.29 billion recorded in the year to June 2015.
The spike seen in Individual Lump Sum sales was also seen in Disability Income new business which increased by 17% in the June quarter to $134 million, compared with $115 million in the March 2016 quarter.
The increase in the June 2016 quarter new business was also up by 8 per cent on the June 2015 quarter a number which was repeated for the year to June 2016 sales figures, which increased by 8% to $498 million, up from $464 million recorded in the twelve months to June 2015.
