Big US-based insurer Metlife has made a serious impression on the Australian life insurance market, leading the way in terms of inflows last year, according to data released this week by actuarial firm Plan for Life.
The Plan for Life data revealed that inflows into the life insurance risk market grew by 13.4 per cent last calendar year, with all medium to large companies in the risk market reporting higher inflows, but with Metlife leading the way.
The data revealed that Metlife recorded a 35.1 per cent increase in inflows, followed by AIG Life with 20.3 per cent, ING Australia with 15.5 per cent, BT Westpac with 14.4 per cent, Tower with 11.7 per cent, CommInsure with 11.5 per cent and National Australia/MLC with 11.1 per cent.
The large Metlife increase appeared to be strongly driven by its push into the group risk market, where its inflows increased by 38.1 per cent and sales by 154.6 per cent. However, the strongest performer in the group sales arena emerged as Suncorp, which recorded a 102.8 per cent increase in inflows and a 349.7 per cent increase in sales.
In the individual risk lump sum market, Tower led the way with an 18.7 per cent increase in inflows and a 75.7 per cent increase in premium sales, while in the individual risk income market, AIG led the way with a 26.3 per cent increase in premium inflows, although sales were led by National Australia/MLC with an increase of 61.7 per cent.
