Australian life insurers are increasingly dependent on superannuation, which accounted for 90% of premiums last year, APRA reveals in a sector report.

Australia’s 32 life insurance companies received $51.6 billion in premium income and managed $254.9 billion in assets, according to the regulator’s latest market survey.

The life insurance market is highly concentrated, with the top three life insurance groups – AMP, NAB/MLC and ING/ANZ – accounting for 66% of total assets, 78% of new business premiums and 72% of total premiums received.

And the top 10 life groups represent 95% of total assets backing Australian policyholder liabilities, 97% of new premiums and 95% of total premiums. Consolidated life sector receives super boost

Single premium business accounts for 85% of total life premiums, as opposed to regular, or annual premiums.