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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.
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