Individual risk business takes hit in March quarter

The research company’s new Life Analysis report found that individual lump-sum new business totalled $231 million in March, $23 million less than reported in the December 2020 quarter.

The reported $231 million is the lowest figure since last March that came in at just over $210 million, however DEXX&R noted that new business is “traditionally lowest” in the March quarter.

Lump-sum new business sales were also down by 1.2 per cent to $970 million from last March’s total of $981 million, which marks the third straight yearly decline in lump sum new business sales since March 2018.

“The continued decrease in business reflects the impact of the COVID lockdown from March 2020 and ongoing disruption in the advice distribution channel including the restructuring and transfer of ownership of retail bank owned dealer groups and a fall in the number of life risk advisers,” the report stated.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

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