Double-digit drop in inflows for Suncorp
Suncorp Group is the only major life insurance provider with decreased growth in the 12 months ending September 2013.
A report from Plan For Life shows increase in total risk premium inflows for all major life insurance providers, including TAL Group with an annual group of 15.7 per cent, AIA Australia up 20.1 per cent and BT/Westpac Group up 18.5 per cent.
This market-wide growth has not affected Suncorp Group, where total risk premium inflows have dropped by 10.6 per cent. This drop in growth means a loss of 1 per cent of Suncorp Group's market share from September 2012.
This comes as no surprise as the group suffered a 76.1 per cent decline in net profit after tax by Suncorp Life, dragging down the company's overall full-year result, as reported by Money Management in August 2013.
Suncorp Group was not in a position to comment on the decreases due to its "media blackout" period until 21 February.
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