MetLife has reinforced its recent growth in the group insurance market with the latest data from specialist research house, Dexx&r revealing it increased in-force premiums by 11.6 per cent over the 12 months to March, this year, to $723 million.
Of the five major group life insurers, the Dexx&r data revealed that three had recorded increases in in-force premiums, with the market being led by AIA Australia and TAL.
The Dexx&r data revealed that, over the 12 month period, AIA Australia’s in-force business increased by 2.9 per cent to $1.9 bullion while TAL increased by 3.7 per cent to $1.8 billion.
Looking at the totality of the group life market, the research house noted that after three years of strong growth in premium inflows largely resulting from re-pricing, group risk inflows had now plateaued.
It said total in-force group risk premium decreased by 2.5 per cent from $6.13 billion at March 2018 to $6.06 billion over the 12 months to March, this year.
