Major institutions continue to dominate the life insurance industry, with TAL aggressively chasing new business, according to the latest figures from research house Dexx&r.

TAL’s total inforce annual premium grew 19.36% to $1.72 billion in the year to June, leaving it just behind AMP on $1.74 billion, up 4.9%.

AIA Australia’s inforce annual premium increased 14.68% to $1.3 billion.    

In terms of total new annual premium, MLC recorded 15.6% growth in the year, to $361.1 million.

CommInsure reported a 16.2% drop to $405 million, while TAL attracted the most new premiums – $417 million, up 8.74% on the previous year.

TAL dominated inforce annual premium growth in all thee categories: in individual lump sum it recorded a 10% rise to $595 million; in disability it increased 17.3% to $208 million; in group it grew 26.8% to $917.9 million.

AMP still has the largest inflows in the individual lump sum (up 5.94% to $985 million) and disability (up 3% to $410 million) markets. In group, AIA inflows grew 12.14% to $1 billion.

In terms of new annual premium, CommInsure led the individual lump sum market, gaining 17% to $226 million, while TAL performed strongly in the disability sector, rising 16.3% to $63 million.

AMP attracted the most new business in the disability sector, with inflows of $81 million, up 3.4%.

In the group market MLC recorded 60% growth to $110.5 million, but TAL performed the strongest, with inflows up 9.4% to $202 million.