Overall premium inflows increased 3.4% to $15.89 billion last year as growth in the Australian life insurance market moderated from the double-digit rises recorded in the past two decades, according to industry data from consultant Strategic Insight.

TAL Group retained its market-leading share of 16.6%, despite a 0.2% decline in premium inflows to $2.64 billion.

AIA Australia placed second with 14.3% on $2.28 billion of premium inflows, followed by AMP Group with 12.4% and $1.96 billion.

Zurich Group, with 4.1% of the market, recorded the biggest increase in annual premium inflows, up 63.8% to $657 million following its acquisition of Macquarie Life.

Suncorp Group’s premium inflows grew 0.7% to $800.5 million, giving it a 5% share.

BT has a 6.5% market share on $1.03 billion of inflows, up 9.1% from 2015.