Life Insurance Premium Inflows for Year Ended June 2010

New market data shows that overall life insurance premium inflows continued to grow strongly, up by a further 12.2% over the past year.

Most of the medium to large companies participating in the life insurance market reported higher inflows with TOWER (40.5%), AIA Australia (18.2%), AMP (15.9%), NAB/MLC (12.7%) and ING Australia (11.1%) recording the best percentage increases. On the other hand two companies to report little change in their overall life insurance (Risk) business year on year were CommInsure (-2.0%) and MetLife Insurance (-0.8%).

In the New Premium Sales area TOWER (96.2%), Zurich (22.6%) and BT/Westpac (11.3%) recorded the highest growth. However overall New Premium Sales were fairly flat year on year, down slightly by 2.9%.

Below data includes life insurance, income protection insurance, total & permanent disablement and trauma cover premiums.

Total Premium Inflows for year ended June 2010:

Company Year Ended
MLC Life Insurance 1,366.6 12.7% 15.7%
CommInsure Life Insurance 1,192.0 -2.0% 13.7%
ING Life Insurance 1,091.3 11.1% 12.5%
Tower Life Insurance 1,042.4 40.5% 12.0%
AIA Life Insurance 774.7 18.2% 8.9%
AMP Life Insurance 768.0 15.9% 8.8%
AXA Life Insurance 691.0 7.1% 7.9%
Asteron Life Insurance 670.7 5.8% 7.7%
Westpac Life Insurance 433.8 9.8% 5.0%
MetLife Life Insurance 254.2 -0.8% 2.9%
Others: 415.8 18.0% 4.8%
Macquarie Life Insurance -- -- --
Aviva Life Insurance -- -- --
Zurich Life Insurance -- -- --
TOTAL 8,700.3 12.2% 100.0%

"Media Release Life Insurance Industry Results - June 2010, Plan For Life Pty Ltd"

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Published on October 10-nd, 2010 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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