The life insurance sector has shown healthy results for most of 2011 as sales enter double-digit growth, according to the Life Analysis Report published by Dexx&r.
Total new annual premiums stood at $2.2 billion as at September 2011, representing an 11.05 per cent increase in sales year-on-year.
It was also the first time individual lump sum sales (including term, total and permanent disability and trauma insurance) have broken through the $1 billion mark.
"However, of the top five companies in this sector, only AMP/AXA (12.8 per cent like-for-like) and OnePath (12.2 per cent) recorded an increase in new business," Dexx&r managing director Mark Kachor said.
MLC has taken the biggest hit, with its sales activity contracting by 6.2 per cent in this area, the report found.
Total disability and group risk businesses also recorded double-digit growth, with the sales activity increasing by 12.8 per cent and 15 per cent respectively.
