About 40% of New Zealand authorised financial advisers (AFAs) provide life insurance advice, according to the latest Financial Markets Authority report on the sector.

In the year to last June 30 there were 1800 AFAs, with 80 leaving the industry and 120 joining in the period.

Among those selling life insurance, about 35% advised 1-20 clients on the product. About 30% advised 21-50 clients on life cover, and less than 5% advised more than 200.

More than half of AFAs selling life insurance did so on a replacement-business basis to 1-10 clients. Less than 5% provided replacement life insurance advice to more than 50 clients.

More than 40% of AFAs received a commission from their service providers – a figure that has remained static over three surveys from 2014.

Less than 20% received a bonus based on sales volumes – again, unchanged since 2014.

AFAs were asked if they received other benefits from product providers, including training, business development courses, entertainment or international travel.

More than 60% said no, although about 40% attended training sessions.