Nine out of 10 Australian life insurers will be foreign-owned by next year, with Westpac’s BT Group the only locally owned insurer still standing.

This follows the sales of AMP’s life business to Resolution Life and Suncorp’s operation to Dai-ichi Life, S&P Global Market Intelligence says.

S&P’s breakdown of local life insurance operations and their owners:

• TAL, Japan’s Dai-ichi
• AIA Australia, AIA Group of Hong Kong
• MLC, Japan’s Nippon Life
• AMP, Resolution Life of the UK
• OnePath, Zurich of Switzerland
• Comminsure, AIA Group
• Suncorp Life, Dai-ichi
• Zurich Financial Services, Zurich
• MetLife, MetLife of the US.