Total individual risk new premium decreased by 18.5% in the year to December 2024 to $1.11bn according to data published in its latest DEXX&R Life Analysis Report.
Total risk in-force premium also dropped in the 12 month period, from $16.5bn to $16.2bn (-1.7%).
Lump sum new business premium for the year ending December 2024 was down 11.2% to $809m from the $910m recorded in the year to December 2023, according to the research firm:
December quarter
During the December quarter individual lump sum new premium increased by 1.3% to $203m, which was $3m more than the $200m recorded in the September 2024 quarter but 5.3% lower than the $214m recorded in the December 2023 quarter.
Discontinuances
The discontinuance attrition rate increased to 10.5% in December 2024, up from 10.1% as at December 2023.
Disability
Disability income new business dropped by 33.3% to $301m over the year to December 2024, down from $451m recorded in the 12 months to December 2023.
