Group life insurance inforce premiums rose 16.8% to $1.48 billion in the 12 months ending June 30 last year, according to Plan For Life.

New net annual premiums were up by 19.6% to $340 million during the same period, the research house found.

Plan For Life Actuary Simon Solomon says the latest results show the market is continuing to grow despite the number of super funds shrinking due to mergers.

Part of this premium growth is due to super funds now offering income protection and salary continuation cover, he said. A total of 49 funds now offer this type of cover.

He says five major life insurers dominate the group market, generating 91.2% of inforce premiums. But overall there are only eight players controlling the group insurance market.