Group life annual inforce premiums grew 27.6% to $4.7 billion in the year to March 31, according to research house Dexx&r.

TAL, MetLife and MLC were the sector’s strongest performers.

TAL’s annual inforce premiums grew $494 million to $1.3 billion, while MetLife’s increased $244 million to $474 million.

Dexx&r MD Mark Kachor says MetLife’s gains follow it winning the Hostplus mandate.

MLC’s annual inforce premiums increased 36% to $425 million in the year.

“Group life premiums paid by some of the largest industry funds have been increased by up to 40% during the past year,” Mr Kachor said.

“These increases have been imposed to offset higher-than-expected total and permanent disability and salary continuance claims. These increases are now feeding through into stronger premium inflows in the group life market.”

TAL has become the largest group life insurer, with a 28% market share, overtaking AIA, which is now on 25%.

Individual lump sum annual inforce premiums reported slower growth than group life.

The sector gained 7.53% to $5.7 billion in year to March 31.

Growth in the disability sector was also muted, with annual inforce premiums rising 7.7% to $2.1 billion.