Over the 12 months ending December 2015, total in-force group risk insurance business increased by 14 per cent, while life insurer TAL also became the new market leader, a DEXX&R review has found.
According to the researcher, total in-force group risk business hit $6 billion over the year, up from $5.3 billion in the previous corresponding period.
Over the period, DEXX&R found that all of the top 10 companies in the group risk market recorded increases in in-force group business, with TAL becoming the market leader.
TAL experienced a 27 per cent increase in in-force premiums to $1.7 billion with the growth attributed to the insurer recently being appointed as the insurance provider for industry super fund Cbus.
“The Cbus inflow also elevates TAL’s reinsurer for the Cbus fund, new entrant Pacific Life Re, to be a significant participant in the group risk re-insurance market,” a statement from DEXX&R said.
Meanwhile, DEXX&R also reported that the sale of lump sum risk products in the December 2015 quarter totalled $303 million, down 20 per cent on the September 2015 quarter.
Of the top 10 life companies, only MLC, OnePath, TAL, Zurich and AIA recorded an increase in lump sum sales during 2015, DEXX&R said.
DEXX&R also said new annual premiums of $1.28 billion for the 12 months ending December 2015 were down on the $1.3 billion recorded during 2014 and were at a similar level to new annual premiums recorded for the 12 months ending December 2012.