Overall risk market sales down 5.9%

Overall risk market sales were down 5.9 per cent, due in particular to a significant 16.7 per cent fall in new group risk sales.

“Risk market leader TAL (149.2 per cent) reported a very large jump in sales, again the increase was mainly concentrated in group business,” a statement from Plan for Life said.

Only Zurich, off a lower base, and OnePath recorded higher risk sales over the year, with 6.3 and 6.2 per cent increases respectively.

“CommInsure (-42.7 per cent), Suncorp (-24.7 per cent), AMP (-22.9 per cent) and NAB/MLC (-16.5 per cent) by contrast recorded significant double digit percentage falls,” the statement said.

On the risk premium inflows front, among the medium-to-larger-sized companies, TAL recorded the highest growth at 18.2 per cent.

This was followed by AIA (16.4 per cent), BT/Westpac (13 per cent), OnePath Australia (9.6 per cent) and Zurich (9.5 per cent), the statement said.