Despite the relative stability in inflows, the actuaries and research firm Plan for Life’s latest Market Overview shows total annual risk sales were down 21.8% in the year to June. The result was driven by group risk sales which fell by almost two-thirds, reversing a surge in 2023/24 when sales more than doubled.
Individual product lines were steadier. Risk lump sum sales increased 1.2%, while risk income sales slipped 8.4%.
Several major insurers recorded steep sales falls, including TAL (-32.7%), AIA (-36.8%), and Zurich (-17.2%). Growth from NobleOak (33.0%) and ClearView (12.5%) helped offset part of the decline.
Income protection
The IP segment remained largely flat in 2024/25, with total inflows falling only 0.4%. All four market leaders reported modest declines:
- TAL (-2%)
- Zurich (-0.7%)
- Acenda (-0.7%)
- AIA (-1.3%)
In contrast, smaller insurers delivered strong gains, with NobleOak up 20.6%, ClearView up 11.5%, and MetLife up 30.2%. Resolution Life, which continues to wind down parts of its book, fell 11.3%.
Sales in the individual IP segment dropped 8.4% in the year, reflecting weaker demand from small business and self-employed professionals, according to PFL. Declines at Zurich (-4.8%), TAL (-9.3%), Acenda (-9.8%), and AIA (-30.9%) were partly offset by strong growth (of a lower base) from NobleOak (29.9%) and ClearView (11.3%).
