Life industry hits bumps with sales down
The life insurance industry has recorded falls in single premium sales of 12 per cent for the 12 months to the end of June, according to research released byDexx&r.
Despite the drop to $26.8 billion for the twelve month periodAMPandMLCshowed a clean set of heels to its peers with strong market share of 24.8 per cent and 21.6 per cent respectively.
MLC’s market share was an increase from 17.8 per cent or $5.4 billion to $5.8 billion for the year while AMP’s market share dropped from 26.9 per cent or $8.2 billion to $6.7 billion.
MLC also saw an increase in the area of superannuation single premiums, which as a sector fell by 12 per cent to $20.5 billion.
However MLC was accompanied in its rise against the sector byAXAwith MLC sales increasing from $4.3 billion to $4.9 billion, moving its market share from 18.2 per cent to 24 per cent.
AXA’s sales increase was of a similar volume moving from $661 million to $1.04 billion for the 12 months to the end of June.
Annual premiums showed much better figures across the board climbing nearly 15 per cent to $1.7 billion withING, already in market leading position moving from 16 to 23 per cent of market share.
This upswing was also seen in total new individual risk annual premium business, which covers term, trauma, total and permanent disability and income protection insurance, with a 1.4 per cent increase to $535 million for the year.
Of this market MLC still retains top place with more than 16 per cent of the market at $88.5 million and CommInsure with $82.25 million or 15.3 per cent of the market.
AUTHOR
Jason Spits
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