New annual premiums for life insurance rose 37.6% to $2.64 billion in the 2012 financial year, according to data from research house Dexx&r.

Group life saw the biggest increase, up 96% on last year to $1 billion. Lump sum new annual business grew 15.2% to $1.2 billion, while disability premiums rose 15.23% to $434 million.

Total inforce annual premiums increased 11.49% to $10.3 billion, with group again recording the biggest rise, up 14.8% to $3.4 billion.

Disability business grew 10.7% to $1.9 billion, with lump sum up 9.62% to $4.9 billion.

While AMP is the market leader in individual lump sum and disability business, a number of other insurers achieved strong growth.

CommInsure reported a 73.68% rise in new annual premiums, with $484.7 million of sales. It also saw a 21.6% rise in life inforce annual premiums to $1.4 billion.

TAL’s new annual disability premiums were up 50.5% to $54.65 million.

In the group life insurance market AIA continues to dominate, with a 26.1% market share of inforce annual premiums and a 24.42% share of new annual business.

TAL has a 21.2% market share of annual premiums, followed by CommInsure with 15.4%.

Metlife staged a remarkable recovery in the group market, lifting new annual premiums from $37.6 million last year to $175.2 million.