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Group life flows remain strong
The life insurance risk market is continuing to defy the general gloom, with the latest Plan for Life data revealing total market inflows were up 12.6 per cent over the 12 months to September, with group risk inflows doing even better.
According to the data, group risk market premium inflows jumped 16.1 per cent over the period, with the major beneficiaries being MetLife, which registered a 31.5 per cent increase, CommInsure, which registered a 24 per cent increase, Suncorp, which was up 21.7 per cent, AIG, which was up 18 per cent, ING, which was up 17 per cent, and ,Tower which was up 14 per cent.
Plan for Life said overall actual group risk sales were little changed over the period but that ING, AIG and MetLife reported some significant increases while the other majors were either negative or relatively flat.
It said while ING had increased group risk sales by 34.2 per cent, AIG had increased sales by 27.3 per cent and MetLife had increased sales by 21.9 per cent, this compared with negative outcomes recorded by ,Aviva which was down 51.4 per cent, NAB/MLC, which was down 26.5 per cent, and Suncorp, which was down 25.4 per cent.
AUTHOR
Mike Taylor
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