Life insurance premium inflows were up 11.4% to $12.8 billion for 2013, according to the latest figures from financial researcher Plan For life. This compares to $11.5 billion in 2012.

The lump sum market grew by 9% to $5.9 million compared to the previous year’s result of $5.5 million.

Again most growth came from the smaller life insurers, which recorded inflow growth of 16.2% for 2013 on premium income of $1.9 billion.

OnePath and TAL led the larger insurers with premium growth of 9.8% and 8.5% respectively.

Income protection premium inflows for 2013 were up 8.5% to $2.2 billion with TAL recording the strongest growth among the big insurers.

It saw premium growth of 16.3% during the year to record inflows of $224.5 million.

The group life market saw inflows up 16.3% to $4.5 billion due to movement in fund mandates, Plan For Life says.

MetLife recorded premium growth of 110% with inflows of $466.8 million while MLC also saw strong inflows.

It achieved premium growth of 38% recording inflows of $426 million.

AMP still dominates the lump sum and income protection categories with a market share of 17.2% and 18.6% respectively.

AIA is still the major player in the group category with a market share of 24.1%.