BT/Westpac leads on life/risk premium inflows
The Australian life/risk market remains in good shape, according to the latest data released by Plan for Life.
The data, covering the 12 months to March, this year, revealed that premium inflows increased by 10.2 per cent, with BT/Westpac leading the way with an increase of 20.7 per cent, followed by AIA Australia with 15.2 per cent, TAL with 13.4 per cent, Zurich with 10.4 per cent, and OnePath Australia with 10.2 per cent.
The Plan for Life data noted that year-on-year on sales were down slightly by 4.7 per cent, with CommInsure and TAL both experiencing falls of minus 12.2 per cent and minus 11.6 per cent respectively, while BT/Westpac grew sales by 38.4 per cent, Onepath grew by 9.8 per cent and National Australia Bank/MLC grew by 5.4 per cent.
AMP continued to hold the greatest market share in terms of risk premium inflows with 15.1 per cent, followed by TAL with 13.5 per cent and National Australia Bank/MLC and CommInsure both scoring 13.1 per cent.
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