Risk premium inflows to the life insurance sector increased 1.8% to $16.4 billion last financial year, according to consultant Strategic Insight.

Individual risk lump sum grew 2% to $7.1 billion, individual risk income 3.3% to $2.8 billion and group risk 1% to $6.4 billion.

Market leader TAL achieved a 2.8% rise in premium to $2.9 billion, and the second-biggest player, AIA Australia, recorded an 8.4% increase to $2.5 billion.

Westpac-owned BT Group led with a 20.4% surge to $1.3 billion, while scandal-hit AMP Group suffered a 3.3% drop to about $1.9 billion.

Suncorp, which formalised the $725 million sale of its Australian life arm last month, recorded a 1.4% premium inflow rise to $815 million.