Australia’s life insurance industry is performing strongly despite signs of weakness in the general economy, with premium income rising 11.8% to $10.6 billion in the year to March 2012.

Research from actuaries and researchers Plan For Life shows overall industry sales, representing new business, is up 26.6% year on year.

CommInsure recorded a 66.1% rise in business, Suncorp 33.7% and Metlife Insurance 458.2% off a very low base.

In overall premium inflows AMP has retained its number one position, with annual premium income growing 9.2% to $1.67 billion. But AMP’s relative market share has fallen to 15.7% from 16.1% a year ago.

NAB/MLC group is in second position, but its premium income rose only 4% to $1.49 billion and its relative market share has fallen to 14% from 15.1%. No 3 life insurer CommInsure did well, increasing premium income 20.8 % to $1.43 billion and boosting its relative position from 12.4% to 13.4%.

AIA Australia has lifted its premium income by 33% to $1.14 billion, boosting market share from 9% to 10.7%. Suncorp’s premium income dropped 9.2% to $638.7 million.

Overall individual risk premium income grew 9.9% to $5.1 billion, individual risk income was up 10.5% to $1.93 billion and group risk grew 15.4% to $3.61 billion.