Mid-sized insurers MetLife and QInsure, along with NobleOak, led the way as the life industry increased its overall risk premium inflows last year to $17.6 billion, up 5.5% from 2020, according to researcher Plan for Life.

NobleOak achieved the biggest jump in percentage terms, up 60.4% to $223.7 million. MetLife placed second, by 11.9% to $895.2 million, followed by QInsure, by 10.1% to $577.7 million.

TAL, the biggest player with a 27.6% market share, grew its risk premium inflow 7.5% to $4.86 billion. AIA, second largest after TAL, clocked a 7.3% rise to $3.3 billion.

Overall new premium sales went up 2.2% from 2020 as declines recorded by AIA, Resolution and ClearView offset double-digit gains made by BT/Westpac (24.9%), TAL (24.3%) and Zurich (12.6%).

Risk premium inflows, as measured by Plan for Life, comprise of individual risk lump sum, individual risk income and group risk.

Individual risk lump sum grew 3.2% to $7.64 billion last year, individual risk income 6.2% to $3.14 billion and group risk 7.9% to $6.84 billion.