Zurich was the big sales winner in the advised life insurance market in 2018.
Data released by Strategic Insight for the year ended December 2018 reveals a further softening of life insurance inflows and sales, where overall risk inflows climbed by 2.0 percent during the year and risk sales were up by a similar margin, thanks only to increases in the group risk sector. These numbers, however, reflect growth at a much slower pace, according to Strategic Insight, than the double digit growth experienced over the last two decades.
Drilling down into the individual risk lump sum and individual risk income insurance markets, however, Zurich was a clear winner.
Individual Risk Lump Sum Market
Strategic Insight reports overall inflows for individual risk lump sum business only grew by 0.3 percent in 2018, while risk lump sum sales were down by 6.7%.
Zurich, however, experienced a 22.9 percent increase in sales last year, while others doing well included other specialist risk insurers including AIA Australia (up 5.3%) and ClearView Life (up 1.9%). All other firms experienced a decline in lump sum risk new business sales.
Individual Risk Income Protection Market
Similar to its performance in the lump sum market, Zurich has been credited with a jump of 22.1 percent for individual income protection new business sales, closely followed by CommInsure (up 18.5%) and OnePath (up 8.6%), while all other insurers lost ground.
In terms of overall market share of individual new business sales, AMP led the way in 2018, where its 14.7 percent share of individual lump sum new business sales took it to top position, followed by MLC Life Insurance (13.7%), OnePath (13.3%) and TAL Group (12.3%).
In the individual risk income protection market, TAL Group accounted for 15.8 percent of new business sales, followed by OnePath (14.3%), AMP (13.1%) and MLC Life Insurance (10.9%).