Individual risk lump sum new business sales fell 6.8% to a five-year low of $1.27 billion in the last financial year, research house Dexx&r says.

In the three months to June, sales declined 12.8% to $298 million from a year earlier.

AIA, AMP and ClearView are the only three “top 10” life companies to record higher new sales in the year to June 30.

The industry will be relying more on aligned and non-aligned advisers to drive sales after many retail banks moved to close or halt direct sales of life products, Deex&r says.

Disability income new business fell 1.3% to $509 million.

In the group life sector, total in-force business grew 1.4% to $6.23 billion in the year to June 30.

AIA, MetLife and OnePath all recorded higher in-force group premium.