Overall life risk premium inflows fell 3.6% to $16.3 billion for the year to March from a year earlier, as a number of life insurers recorded declines, according to data compiled by actuaries and researchers Plan for Life.

Regional MD Rael Solomon says the decline in inflows reflects partly the “significant upheaval in recent years” seen in the industry, citing the moves by major banks to divest their life arms and also the decision of AMP to sell its life business.

The increased regulatory focus on the advised and direct sales channels has also impacted the industry, he told insuranceNEWS.com.au.

In the year to March market leader TAL bucked the downward trend with the business enjoying a 20.5% jump in inflows to $4.6 billion, with the increase driven mainly by its group risk portfolio, Plan for Life says.

ClearView Life and MetLife were the only other top-eight insurers by market share to also see an increase, with inflows up 6.9% to $262.8 million and 0.1% to $794 million respectively.

AIA, the second largest insurer, saw a 27.1% decline in inflows to $2.8 billion and third-ranked Zurich suffered a 3.2% slump to $2.3 billion. Fourth-placed MLC Life posted a 4% fall to $1.83 billion and AMP Group, which has the fifth largest market share, had a bigger 6.4% decline to $1.6 billion.

Westpac-owned BT, the sixth-largest insurer, experienced a 3% fall to $1.19 billion.

The life insurance risk market is made up of individual risk lump sum, risk income insurance and group risk insurance.

Individual risk lump sum inflows fell 1.5% to nearly $7 billion, group risk was down 7.7% to $6.4 billion but individual risk income grew 1% to $2.85 billion.