Total inforce life insurance annuals premiums grew by 8.8% for the 12 months ending June 30, according to research house Dexx&r.

Annual premiums for the year were $9.2 billion compared to $8.4 billion during the 2009/10 financial year.

All sectors, lump sum, disability and group insurance, reported positive growth averaging about 9%.

But this was offset with a 1.78% decline in total new annual premiums to $1.93 billion with the greatest fall in new group life insurance, down 15.62%.

As predicted, the merged AMP and Axa business now has a 16.61% share of the total annual inforce premium market. Its nearest competitor is MLC with a share of 15.6% followed by Tower with 13.4%.

The merged AMP/Axa annual premiums for the year were $1.53 billion, while MLC attracted $1.44 billion. Tower’s annual premiums were $1.24 billion.

AMP/Axa is now the major player in the annual inforce individual lump sum life insurance business with 19% market share, but MLC is the dominant player in the disability sector with a 21.6% share.

In the annual inforce premiums for the group life insurance sector, AIA has maintained its dominant position with 21.6% of the market followed by Tower with 20.35%.

Total new annual premium business has seen Tower continue its aggressive push picking up 17.6% of annual premiums with AMP/Axa in second place with 15.3%.

Tower has also maintained its push into the group market, winning 33.8% of new annual premium business.

The merged AMP/Axa now dominates the annual premium individual lump sum sector (new business) with 18.5% market share and has also achieved a number one position in the disability segment picking up 19.5% of new premiums.