Data confirms importance of life/risk
The importance of life/risk sales to financial advisers' revenue streams has been underscored by the latest data released by research house DEXX&R.
The data, covering the year to the end of September, confirmed that life/risk remained one of the few market segments to record continuous growth, with total new annual premiums (individual and group) increasing by 12.8 per cent to $2.5 billion in the year to the end of September.
The DEXX&R data showed that sales of individual lump sum risk business increased by 16.5 per cent to $1.2 billion during the period, with the top 10 companies recording an increase in excess of the market average - including CommInsure (28.8 per cent), Westpac Life (41.6 per cent), Asteron (18 per cent) and AIA Australia (44 per cent).
It said individual lump sum business increased by 10.3 per cent to $5.2 billion, with most of the top 10 companies recording an increase greater than the market average, including:
- CommInsure (11.7 per cent)
- OnePath (11.8 per cent)
- TAL (11.3 per cent)
- Asteron (11.5 per cent)
- Westpac (14.6 per cent)
- AIA Australia (24.3 per cent), and
- Macquarie (28.7 per cent).
The data showed that total group risk new business increased by 8.4 per cent to $840 million, with three of the top five companies - TAL, CommInsure and MLC - recording increases in excess of the market average.
AUTHOR
Staff Writer
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