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Life insurers maintain growth

10 December 2012

Life insurance inforce premium grew 10.11% to $10.6 billion and new business increased 12.8% to $2.5 billion in the year to September 30, according to research house Dexx&r.

Individual lump sum business – which includes death, total and permanent disability and trauma – was up 10.3% to $5.1 billion.

Life companies that grew beyond the market average include AIA Australia (up 44%), Westpac Life (41.6%), CommInsure (28.8%) and Asteron (18%).

Individual disability annual premiums grew 10.15% to $1.9 billion in the period.

Companies expanding beyond the market average include TAL (up 33.5% to $57 million), CommInsure (14.5% to $55 million) and Westpac (78.3% to $36 million).

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