The life insurance market grew 10.4% last year, with all major insurers reporting stronger inflows, according to actuaries Plan For Life.

The company says new premium sales also reported strong growth, up 17%, with major players all recording positive results.

Premium inflows for the year ending December 31 were $10.3 billion compared to $9.3 billion for 2010.

Individual life and income protection inflows were $4 billon and $1.8 billion respectively. Group inflows were $3.4 billion, with all three segments posting more than 10% growth.  

Sales were $2.69 billion, with the group life insurance segment reporting the strongest growth, up 28.4%.

New sales for individual life were $1.2 billion, up 9.4%, while income protection sales were up 18.5% to $464 million. Group sales were $938 million.

AMP has maintained its leading position with 16.1% life market share, followed by MLC (14.3%) and CommInsure (13.2%). Premium inflows growth for the three was 9.2%, 3.5% and 16.2% respectively.

CommInsure edged slightly ahead of AMP with a 14.5% share of the life premium sales market, ahead of its rival’s 14%. OnePath took 12.2% of new sales.

MetLife recorded the strongest sales growth, up 656% to $122 million, but this has come off a low base in 2010, with the insurer generating just $17.6 million in new revenue.