New risk premiums increase by 28 per cent
New annual premiums for lump-sum life insurance business (term life, total and permanent disability and trauma) increased by 28.5 per cent to $854 million at September 30, 2008, according to researcher Dexx&r.
Its latest Life Analysis Market Share Report revealed Axa Australia posted the highest percentage increase in individual lump sum risk sales — 104 per cent to $104 billion.
Colonial increased sales by 43 per cent to $130 million — the second highest increase — while Tower posted a 19 per cent increase to $108 million.
In-force annual premiums increased by 11 per cent to $4.68 billion as at September 2008, with MLC posting a chart-topping 15 per cent increase to $682 million and Colonial a 14 per cent increase to $641 million.
New annual premiums for disability income business increased by 22 per cent to $309 million and premiums for group risk business increased by 13 per cent to $543 million.
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
