Life Insurance Risk Market Inflows climb another 10.0% in 2014/15 to $14.9bn
/Life Insurance Risk Market Inflows climb another 10.0% in 2014/15 to $14.9bn
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Life Insurance Risk Market Inflows climb another 10.0% in 2014/15 to $14.9bn
Read MoreInflows into the Lump Sum sub-market grew by 6.2% with most companies reporting at least some increase in business.
Read MoreOverview of Life Insurance Risk Market Inflows & Sales: 12 months to March 2015
Premium Inflows increased 9.4%. Among the medium to large sized companies AIA (20.2%), MetLife (15.0%), BT / Westpac (13.7%), OnePath (9.9%) and CommInsure (8.3%) recorded the highest growth.
However year on year overall Sales in this market fell 13.2% due in particular to a sharp 28.2% decline in new Group Risk sales which have now fallen back closer to more normal levels after jumping almost 90% in the previous year. AIA (44.0%), CommInsure (9.5%), OnePath (7.8%), AMP (6.8%) and National Australia / MLC (6.4%) all reported increases in their annual Risk sales.
The Life Insurance Risk Market is comprised of both Individual Risk Lump Sum & Risk Income Insurances plus Group Risk Insurance
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Inflows into the Lump Sum sub-market grew by 6.3% with most companies reporting at least some increase in business. Among the market leaders, TAL (6.4%) and OnePath (6.0%) experienced the highest percentage increases in their Inflows year on year.
Risk Income Inflows increased 5.7% over the past year. Among the better performers in percentage terms were BT / Westpac (20.1%), TAL (11.8%) and OnePath (11.2%).
Overall Group Risk Premium Inflows were up 15.1%. Of the larger companies, CommInsure (23.2%), AIA (23.0%) and MLC (20.6%) recorded well above-average percentage increases in their annual Group Risk Inflows, largely due to pricing increases.
Source: Plan For Life
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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.
During 2014 Life Insurance Risk Market Inflows up 11.2% from $12.8bn to $14.2bn
Read MoreTAL has won the Plan For Life / AFA Life Company of the Year 2014 overall Platinum Award.
Read MoreInflows 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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