New life insurance sales were up 19.38% in the 12 months ending December 31, according to research house Dexx&r.

New annual premium sales for 2011 were $2.3 billion compared to $1.9 billion for the year ending December 2010.

The strongest performing segment was group life, with new sales up 37% to $848 million for 2011. Disability new annual premiums were up 13.6% to $408 million.

New lump sum annual premiums in 2011 rose 10.50% to $1.1 billion.   

Inforce annual premiums saw growth of 9.59% during 2011 to $9.7 billion with all sectors reporting growth in excess of 9%.

AMP has become the top player in total inforce annual premiums with a 16.63% market share and inflows of $1.6 billion in 2011.

In second place is MLC with 15.13% market share ($1.4 billion) and CommInsure third with 13.94% ($1.3 billion).

CommInsure’s push to grow its business has paid off, with a 34.5% rise in total new annual premiums to $389.3 million to give it a 16.5% share of the market at the end of 2011.

AMP’s business grew by $330 million to give it a 13.97% market share. AIA also expanded in the group life market, with sales of $305 million giving it a 12.92% share.