Overall risk market inflows in the life industry fell 3.6% to $16.2 billion in the year to March, dragged down by declines in the individual risk lump sum and group risk product lines, according to data compiled by actuaries and researchers Plan for Life.

Individual risk lump sum premium inflows fell 1.5% to $6.98 billion and group risk premium inflows slumped 7.6% to $6.42 billion.

Individual risk income was the only market where premium inflows improved, rising 1% to $2.85 billion for the 12-month period to March.

In the individual risk lump sum market, leader TAL achieved annual growth of 1.1% to take its inflows to nearly $1.4 billion, while Zurich remained in second place despite a 1.2% fall in inflows to $1.34 billion.

TAL also fared strongly in individual risk income and group risk insurance, where it is the market leader. Its individual risk income premium inflows grew 2.4% to $632.5million and group risk recorded a 41.5% rise to $2.54 billion.

A huge portion of TAL’s 41.5% jump in group risk inflows has to do with the transfer of accounts from new client REST Super, which previously had an insurance arrangement with AIA.

The loss of the contract with REST Super impacted AIA, with group risk inflows recording a 44.4% decline to $1.24 billion for the year to March.