Group life insurance premium inflows grew 24% to $5.3 billion in the year to September 30, according to the latest figures from Plan For Life.

AIA’s market dominance was challenged by TAL, although both recorded strong inflows.

AIA’s premium inflows increased 32.9% to $1.4 billion in the year, compared with TAL’s 39.4% jump to $1.3 billion.

In the individual lump sum market, premium inflows were up 7% to $6.2 billion in the year.

Smaller insurers reported the strongest growth in premium inflows, up 13.1%.

Most premium – $2 billion – in the market flowed to smaller insurers.

AMP remains the largest individual player in the lump sum market, with premium inflows of $1 billion for the year to September 30. Its rival MLC recorded $865 million.

In the income protection market, premium inflows gained 6.8% to $2.3 billion. Again, smaller insurers reported strong premium inflow growth, at 12.7% to $752 million.

TAL reported the strongest premium inflow growth, with 12.8% to $244 million.

AMP still commands the largest premium inflows, with $423 million for the year. MLC recorded $394 million.