{"id":38420,"date":"2017-09-22T13:18:38","date_gmt":"2017-09-22T03:18:38","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=38420"},"modified":"2017-09-27T07:23:50","modified_gmt":"2017-09-26T21:23:50","slug":"aia-australia-to-hold-quarter-of-the-market","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/09\/22\/aia-australia-to-hold-quarter-of-the-market\/","title":{"rendered":"AIA Australia to Hold Quarter of the Market"},"content":{"rendered":"

AIA Australia will leap to the top of the largest life insurance companies in Australia following its impending purchase of CommInsure,\u00a0according to research house, DEXX&R.<\/a>
\n<\/p>\n

According to the research house, the combined AIA Australia\/CommInsure business (see: CommInsure to be Sold to AIA<\/a>) will hold\u00a025 per cent market share and $3.92 billion of in-force premiums, across its group and retail insurance books.<\/p>\n

TAL will move into second place with 18.2% market share and $2.84 billion of in-force premium, AMP and MLC will share third place with 12.3% market share and $1.92 billion of in-force premium.<\/p>\n

DEXX&R released the figures, which are applicable to 30 June 2017, as part of its latest Life Analysis Report which stated the life insurance sector wrote $1.31 billion of lump sum new business in the 12 months to the June 2017, up 1.4% on the the $1.29 billion recorded for the year to the end of June 2016.<\/p>\n

…the combined AIA Australia\/CommInsure business will hold\u00a025 per cent market share and $3.92 billion of in-force premiums…<\/h6>\n

In this area, TAL was only one of three life insurers to record an increase in lump sum new business for the year to June 2016 with a 5.1% \u00a0increase to $167 million while MLC recorded a 0.8% increase to $199 million and AIA Australia recorded a 0.9% increase to $67 million.<\/p>\n

The growth across the year was not reflected in the June 2017 quarter where new individual lump sum business was $291 million, a decrease of $16 million, or 5.3%, on the March 2017 quarter.<\/p>\n

Individual lump sum discontinuances also continued to fall away after peaking during June 2013 at 15.9%, dropping to 13.4% at the end of the June 2017 quarter.<\/p>\n

Disability Income new business increased marginally, up 0.9% to $503 million over the year to June 2017 compared to the $499 million recorded in the twelve months to June 2016, and increased by 7.3%, or by $120 million, in the June 2017 quarter compared to the $111 million recorded in the March 2017 quarter.<\/p>\n

Disability income discontinuances also dropped off from its June 2013 peak of 16% continuing a five year trend and moving from 13.9% at June 2016 to 13.3% at June 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"

AIA Australia will leap to the top of the largest life insurance companies in Australia following its impending purchase of CommInsure,\u00a0according to research house, DEXX&R.<\/p>\n","protected":false},"author":3,"featured_media":38447,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,3],"tags":[4247],"class_list":{"0":"post-38420","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-company-news","8":"category-general","9":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/38420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=38420"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/38420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/38447"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=38420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=38420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=38420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}