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New premium sales drive insurance growth
New premium sales in the life insurance risk market grew 29 per cent over the past 12 months, according to Plan For Life's overview of life insurance risk market inflows and sales for the 2011-12 financial year.
MetLife Insurance increased new premium sales by 301.8 per cent and AIA 150.2 per cent, while CommInsure potted a 73.7 per cent increase and BT/Westpac achieved 36.7 per cent.
Life insurance risk market inflows grew 11.9 per cent to reach $10.9 billion for the 2011-12 financial year.
AIA recorded inflows of 33.5 per cent, CommInsure 21.6 per cent, BT/Westpac 18.3 per cent and TAL 16.2 per cent.
A 22 per cent increase in the value of AIA's new business, an increase of $896 million in-force and a 24.2 per cent market share had positioned the insurance company for future growth, according to AIA Australia chief executive Peter Crewe.
"As the largest independent pan-Asian insurance company, we are incredibly well placed to continue to benefit from expanding demand for long-term savings and protection products in Asia Pacific, as our strong performance has shown," Crewe said.
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