AIA Australia recorded strong premium inflows in the individual lump sum market for the year to September 30, according to the latest figures from research house Strategic Insight.

The insurer reported $387 million of premium inflows, up 17% on the previous year, giving it a 5.6% share of the individual lump sum market.

AMP maintained its market leadership, with a 16.4% share and inflows of $1.1 billion.

MLC and OnePath held second and third places by share.

In the income protection market, Westpac-owned BT recorded premium inflow growth of 18.9%, giving it market share of 11.4%.

AIA recorded inflow growth of 18.7%, helping it maintain a 6% market share.

AMP held its leadership of the income protection market, with inflows of $403 million giving it a share of 15% – down from 16.6% the previous year.

MLC was almost level by market share, recording inflows of $399 million.

In the group life market, AIA increased its domination, taking its market share to 27.2% from 24.8% the previous year.

Its premium inflows were $1.6 billion, ahead of nearest competitor TAL on $1.5 billion.

TAL also grew its market share, to 25%, as the big two took business from smaller players, whose combined market share dropped to 4.1% from 9%.

Meanwhile, Dexx&r reports individual lump sum discontinuance rates continue to fall, standing at 13.9% on September 30 compared with 15.6% in September 2013 – the peak in recent years.

Income protection discontinuance rates fell to 13.8% at September 30 from 14% a year earlier.

Dexx&r MD Mark Kachor says the trends indicate the industry is improving retention, with a commensurate improvement in profitability.