Life Insurance Premium Inflows for Year Ended September 2010

New market data shows that overall life insurance premium inflows continued to demonstrate very healthy growth up by yet another 13.4% year on year basis and reached almost $9.2bn.

Once again TOWER has continued its aggressive growth with total life insurance premium inflows for the year ending September up 40.7% to $1.1 billion.

Other life insurance companies that achieved significant positive growth were AMP (20.3%), AIA (18.2%), OnePath (12.0%), National Australia / MLC (11.4%) and BT / Westpac (10.2%).

CommInsure continues to suffer falling premium inflows, with a 7% drop for the 12 months ending September to $1.14 billion.

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

Total Premium Inflows for year ended September 2010:

$millions Year Ended
Jun-10
Annual
Growth
Market
Share
MLC Life Insurance .................... 1,406.9 11.4% 15.3%
CommInsure Life Insurance ........ 1,144.5 -7.0% 12.5%
OnePath Life Insurance ................ 1,131.3 12.0% 12.3%
Tower Life Insurance .................. 1,103.1 40.7% 12.0%
AIA Life Insurance..................... 806.6 18.2% 8.8%
AMP Life Insurance .................... 805.2 20.3% 8.8%
AXA Life Insurance ..................... 697.7 5.2% 7.6%
Asteron Life Insurance ................ 677.3 5.4% 7.4%
BT / Westpac Life Insurance........... 450.1 10.2% 4.9%
MetLife Life Insurance ................ 255.8 -0.1% 2.8%
Others: ...................................................... 712.3 43.6% 7.8%
Macquarie Life Insurance
Aviva Life Insurance
Zurich Life Insurance
TOTAL ...................................................... 9,190.8 13.4% 100.0%

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

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Published on March 3-th, 2011 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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