Smaller insurers continue to report stronger growth than industry giants AMP and MLC, according to the latest figures from Plan For Life.

In the individual lump sum market, TAL grew 10.54% in the year to March 31 on premium inflows of $581.6 million, giving a market share of 10.31%, up slightly on the previous year.

AMP grew 6.6% on premiums of $983.7 million, giving a market share of 17.44%, falling from 18.07%.

MLC grew 4.71% on premiums of $836.8 million, giving a market share of 14.84%, down from 15.65%.

In income protection, smaller insurers again achieved strong results.

TAL reported annual growth of 18.1% on premium inflows of $200 million, increasing its market share to 9.54% from 8.81%. 

OnePath grew 12.84% on inflows of $250.9 million. Its market share increased only slightly, to 11.92% from 11.52%.

MLC grew just 0.42% on premium inflows of $386.99 million. Its share fell to 18.38% from 19.96%.

AMP fared better, growing 8.56% on inflows of $408.83 million to hold its market share almost static at 19.4%.

In the group life market, TAL continues to challenge AIA’s dominance.

It grew 14.34% in the year to March 31 on premium inflows of $796.7 million, giving a market share of 19.93%, up from 19.3%.

AIA grew 12.72% on inflows of $986.61 million, slightly raising its share to 24.68%.