POWERED BY MOMENTUM MEDIA
Group risk inflows plateau
Group risk inflows have plateaued in the in-force group business market in the year to March 2017 after three years of strong growth in premium inflows, according to DEXX&R.
The DEXX&R Life Analysis Report revealed the group risk market, which was dominated by premium received for the provision of risk benefits provided to superannuation funds, had dipped mainly due to premium repricing.
Total in-force group risk decreased by 0.3 per cent to $6.11 billion over the 12 months to March 2017, down from $6.13 billion at March 2016.
In the year ending March 2017, three of the top five companies recorded an increase in in-force group premiums, with AIA Australia increasing by 3.8 per cent to $1.7 billion.
MetLife increased by 10.3 per cent to $623 million while MLC increased by 7.6 per cent to $574 million.
Total in-force business (individual and group) written by direct life companies increased by 2.5 per cent to $15.5 billion over the year to March, up from $15.1 billion at March 2016.
TAL had the largest market share among Australia’s five largest life companies at 31 March, with 17.2 per cent, and an in-force risk annual premium of $2.67 billion. AIA Australia had a 14.9 per cent market share, with an in-force risk annual premium of $2.31 billion, while CommInsure rounded out the top five with a market share of 10.9 per cent, and an in-force risk annual premium of $1.68 billion.
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