Life industry total premium inflows grew 11% to $12.1 billion last financial year, according to new figures from Plan For Life.

The group life market recorded the strongest growth, with total premium inflows up 14.4% to $4.2 billion. Individual lump sum grew 9.8% to $5.7 million and income protection increased 7.5% to $2.1 billion.

TAL continues to perform well across all categories, achieving double-digit premium growth while market leaders made more modest gains.

In group life, TAL’s total premium inflows increased 27% to $918 million. Income protection was up 17.4% to $208 million and individual lump sum gained 10% to $595 million.

Market leader AMP achieved 5.9% growth in individual lump sum, 3.1% in income protection and 1.3% in group life.

AIA continue to dominate the group life market, gaining 11.9% to $1 billion.

Smaller insurers enjoyed premium inflow growth in all markets, rising 15.5% to $1.8 billion in total.

They recorded 13.8% growth to $635 million in income protection, and 17.4% to $973.5 million in group life.