Direct Life Insurance Sales down 3.6% for Year End Dec 2014

Plan For Life's latest Direct Life Insurance Report, shows that year-on-year premium sales for the Direct Life Insurance channel has declined by 3.6% for the 12 months ending December 2014. This is compared to positive growth rates for the five previous years.

The total Australian life insurance industry premium sales, including Lump Sum and Income Protection products, totalled $2,043 million as at end of December 2014, compared to $2,080m at December 2013. Of this, $538 million was via the Direct channel, compared to $558m December 2013.

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Total Risk Market Inflows up 11.1% to $14.2bn at Dec-2014

Inflows into the Lump Sum sub-market grew by 6.6% with most companies reporting at least some increase in business.  Among the market leaders, TAL (6.4%) and OnePath (6.3%) experienced the highest percentage increases in their Inflows year on year.

Risk Income Inflows increased 5.8% over the past year.  Among the better performers in percentage terms were TAL (12.0%) and OnePath (11.1%).

Overall Group Risk Premium Inflows were up 19.7%.  Of the larger companies, AIA (28.1%) and TAL (26.1%), recorded well aboveaverage percentage increases in their annual Group Risk Inflows, largely due to pricing increases.

Source: Plan For Life

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PFL Media Release Risk Market 1214