Tower Australia’s appointment to the AustralianSuper fund from November 1 has proved a boon for the life insurer, with total risk inforce premium up 33% on the previous opening quarter to $946.3 million.

Tower last week reported sustained growth across its individual and group risk portfolio during the first quarter. Group risk premium includes superannuation funds, while individual risk premium comprises individual life and income protection sales.

New business figures for the opening quarter reveal group risk premium surged to $27.9 million from $8.5 million the previous corresponding period, while individual risk premium increased 3% to $36.5 million.

A Tower spokesman told insuranceNEWS.com.au that aside from key super mandates, the insurer is seeing sustained “growth in the individual risk book in both direct and retail channels”.