Total Risk Market Inflows up 6.6% over the year to $15.4bn

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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

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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

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