POWERED BY MOMENTUM MEDIA
Group life shows continued growth
Group life continues to be an attractive market to the major insurers, according to the latest data released by specialist research house, DEXX&R.
The data, released this week, revealed that total in-force Group Risk business increased by 7.3 per cent to $6.1 billion over the twelve months to September 2016, up from $5.6 billion at September 2015.
It said that over the year ending September 2016 four of the top five companies — TAL, AIA Australia, CommInsure, and MLC recorded an increase in in-force group premiums.
The analysis showed that total in-force business (individual and group) written by direct life companies increased by 6 per cent to $15.2 billion over the year to September 2016, up from $14.4 billion at September 2015.
Looking at market share, the DEXX&R analysis revealed the top five to be: TAL with 17.1 per cent, AIA Australia with 14.8 per cent, AMP with 13 per cent, MLC Life with 12.3 per cent, and CommInsure with 11.6 per cent.
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
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
