Life insurance premium inflows grew 13.1% to $13.2 billion in the year to March 31, according to Plan For Life.

Individual lump sum premiums increased 7.9% to $6 billion, while income protection premium inflows were $2.2 billion, up 7.8% on the previous year.

Group life premium inflows gained 23% to $4.8 billion in the year.

AMP still has the biggest share of the individual lump sum and income protection markets, while TAL has overtaken AIA in the group life segment.

TAL’s share is now 26.4% against AIA’s 23.7%. Last year TAL’s 20.1% was overshadowed by AIA 24.8% share.