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Group risk shows growth
The group risk sector is continuing to exhibit growth, albeit that Total and Permanent Disability (TPD) continues to be problematic, according to the latest data released by DEXX&R.
The DEXX&R data revealed that total In-force Group Risk business increased by 16 per cent to $5.4 billion at March 2015, up from $4.7 billion in March the previous year.
It said the companies that recorded double digit increases in In-Force Group Business over the 12 months to March 2015 included AIA Australia up 22 per cent ($259 million) to $1.4 billion, CommInsure up 23 per cent ($141 million) to $748 million, MetLife up 14 per cent to $543 million, and MLC up 21 per cent $513 million.
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The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
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