Total Risk Market Inflows up 6.2% over the year to $15.6bn
/Total Risk Market Inflows up 6.2% over the year to $15.6bn
Read MoreDuring 2015 Life Insurance Risk Market Inflows up 6.6% from $14.4bn to $15.4bn
/During 2015 Life Insurance Risk Market Inflows up 6.6% from $14.4bn to $15.4bn
Read MoreTotal Risk Market Inflows up 6.6% over the year to $15.4bn
/Inflows into the Lump Sum sub-market grew by 5.5% with most companies reporting at least some increase in business. Among the market leaders, AIA (16.0%), BT / Westpac (9.0%) and TAL (7.4%) experienced the highest percentage increases in their Inflows year on year.
Risk Income Inflows increased 6.2% over the past year. Among the better performers in percentage terms were BT / Westpac (17.3%), AIA (15.0%) and TAL (12.4%).
Overall Group Risk Premium Inflows were up 8.0%. Of the larger companies, TAL (26.7%, mainly due to being awarded the CBUS insurance mandate), OnePath (19.1%) and CommInsure (13.2%) recorded well above-average percentage increases in their annual Group Risk Inflows.
Download Media Release: PFL Media Release Risk Market 1215
BT winner of Life Company of the Year Awards 2015
/BT Financial Group has won the Plan For Life / AFA Life Company of the Year 2015 overall Platinum Award. Award winners were announced at a black-tie premier event in Sydney on Thursday 3rd March 2016, recognising Life Insurance Company excellence in the provision of products and service to financial advisers and clients.
Zurich received the Service Quality Award covering New Business/Underwriting Services, Claims Services and Business Support Services. In the Product Award categories, TAL - Life Insurance Plan received the Term Life/TPD Award, TAL – Critical Illness Premier Plan received the Trauma/Critical Illness Award and BT – Income Protection Plus Plan received the Income Protection Award.
The Risk Product Innovation Award was given to MLC On Track.
CommInsure received the Investment Bond of the Year Award.
Challenger received several awards in the Annuities category including Annuity Provider of the Year Award and Long Term Income Stream Award. Challenger also received the Annuity & Income Stream Innovation Award for its support for the Aged Care Planning Course at UNSW Business School.
Rael Solomon, Manager Marketing and Product Development at Plan for Life said: “Life Companies continued developing new and better ways to engage with advisers and clients in 2015. Fresh approaches to encourage customers to improve their health, thereby gaining benefits in the cost of insurance cover, is a very hot topic at present. This is demonstrated by the increasing number of companies that have introduced better health programs as part of their offer to both new and existing clients. We expect that this trend will continue to be refined in future.”
Simon Solomon, Actuary said, “As was the case in 2014 and now again in 2015, annuities have maintained their upward growth pattern, with $2.6 billion of sales having been achieved in the year to 31 December 2015. There is no doubt that more and more advisers are discovering that this product can form the keystone of clients’ retirement portfolios. Given the current low interest regime and coupled with a highly volatile sharemarket, annuities can be expected to grow even more rapidly in the next few years.”
Source: Plan For Life
Life Insurance Risk Market Inflows up 7.1% over the year from $14.2bn to $15.2bn.
/Overview of Life Insurance Risk Market Inflows & Sales: 12 months to September 2015
Risk Premium Inflows increased 7.1% year on year. BT / Westpac (13.5%), MetLife (12.1%), OnePath (11.7%) and AIA (9.0%) recorded the highest percentage growth rates.
Overall annual Sales in the Risk market dropped 23.7%. While OnePath (17.2%) and National Australia / MLC (13.8%) both reported increases these were more than offset by falls recorded by some other Risk market participants with MetLife (-71.0%), TAL (-60.0%), AIA (-37.3%) and AMP (-22.7%) all reporting very substantial decreases in their Risk Sales year on year; it is worth noting that these falls were primarily concentrated in the Group Risk market.
The Life Insurance Risk Market is comprised of both Individual Risk Lump Sum & Risk Income Insurances plus Group Risk Insurance.
Total Risk Market Inflows up 7.2% over the year to $15.2bn at September 2015
/Total Risk Market Inflows up 7.2% over the year to $15.2bn at September 2015
Read MoreZurich winner of overall Direct Life Insurance Excellence Awards 2015
/Zurich winner of overall Direct Life Insurance Excellence Awards 2015
Read MoreLife 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
Read MoreTotal Risk Market Inflows up 10.1% over year to $14.9bn at June 2015
/Inflows into the Lump Sum sub-market grew by 6.2% with most companies reporting at least some increase in business.
Read MoreLife Insurance Risk Market Inflows up 9.4% over the year to $14.5bn (March 2015)
/Overview 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
Risk Inflows by Product - $Million
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Total Risk Market Inflows up 9.5% over the year to $14.5bn - March 2015
/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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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.
During 2014 Life Insurance Risk Market Inflows up 11.2% from $12.8bn to $14.2bn
/During 2014 Life Insurance Risk Market Inflows up 11.2% from $12.8bn to $14.2bn
Read MoreTAL winner of Life Company of the Year Awards 2014
/TAL has won the Plan For Life / AFA Life Company of the Year 2014 overall Platinum Award.
Read MoreTotal 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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