MetLife records risk sales boom
MetLife posted the highest annual growth in overall risk inflows and new premium sales during 2013, according to data released by Plan For Life.
While overall risk inflows grew across the sector by 11.5 per cent during the 2013 calendar year MetLife’s risk inflows increased by 101.2 per cent, well ahead of TAL (21.2 per cent), BT/Westpac (19.1 per cent), AIA Australia (17 per cent) and National Australia/MLC (9.5 per cent). OnePath Australia was the only group to report a fall in risk inflows at -1.5 per cent.
MetLife also led new premium sales - which increased across the sector by 11.7 per cent - recording growth of 178.4 per cent. National/MLC increased new sales by 29.7 per cent, TAL by 29 per cent, AIA by 12 per cent and BT/Westpac by 10.2 per cent.
The boost for MetLife was the result of industry super fund HostPlus switching its Super Group Risk mandate from OnePath to MetLife during the December quarter of 2013.
The overall growth in risk inflows pushed the total sector up 11.5 per cent from $11.5 billion to $12.8 billion and resulted in TAL achieving 14.7 per cent market share, ahead of AMP on 14.3 per cent at the end of December 2013.
Both TAL and OnePath have recorded strong inflows in sub-sectors of the risk market, with Plan For Life data released last month stating that while premium inflows into the lump sum sub-market grew by 9 per cent, OnePath recorded annual growth close to 10 per cent.
In the income protection sub-market, which grew by 8.5 per cent, TAL and OnePath also achieved the highest growth.
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