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Group sector drives life market growth

Group life insurance outperformed other industry segments in the year to June 30, according to figures from Plan For Life.

Lump sum and income protection insurance reported moderate rises in premium inflows compared with the previous year, but group life grew 17% to $5.8 billion.

Lump sum premium inflows increased 6.2% to $6.5 billion, with income protection rising 5.7% to $2.4 billion.

AIA continues to dominate group life new business inflows, growing 21.3% to $1.4 billion in the year to June 30.

Nearest rival TAL’s premium inflows were static at $1.2 billion.

In lump sum, AMP leads with premium inflows of $1 billion, up 2.6% on the previous year.

OnePath achieved the strongest new premium growth, up 6.8% to $832 million.

In the income protection segment, AMP leads with inflows of $411 million, down 1.5%.

BT recorded the strongest growth, with new income protection premium up 18.1% to $245 million.