POWERED BY MOMENTUM MEDIA
Group life already feeling PYS impacts
MetLife has proved to be the fastest-growing group life insurer over the past 12 months in a market already feeling the impacts of opt-in for members aged under 25, according to the latest data released by specialist research house, Dexx&r.
The Dexx&r data revealed that over the 12 months to June 2019, MetLife recorded a 25.2% increase in in-force group premiums, far outstripping the growth of its competitors, but remaining well behind the market leaders, AIA Australia and TAL.
The Dexx&r data showed that over the twelve months ending June 2019 four of the top five companies in the Group market recorded an increase in in-force group premiums.
- AIA Australia’s In-force business increased by 5.0% cent to $1.9 billion;
- TAL increased by 5.8% to $1.8 billion;
- Metlife increased by 25.2% to $788 million; and
- OnePath increased by 7.5% to $445 million.
The Dexx&r analysis said that growth in premium inflows in the group market had plateaued with more subdued premium increases being passed through to members due to the flow-on effect of some large funds implementing opt-in covers for members under age 25.
It said total in-force group risk premium increased by 0.5% from $6.26 billion at June 2018 to $6.29 billion over the 12 months to June 2019.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
