Plan for Life have released their latest statistics on the Life Insurance market in Australia relating to the 12 month period ending September 2011. The figures show that overall premium inflows increased by 11.5% for the year.
Those insurers who in recent years have been on the acquisition trail top the list in terms of market share.
AMP, which merged with AXA in March 2011, is the largest life insurance company in Australia with $1,646 million of premiums in force and a market share of 16.2%. MLC, which in June 2009 purchased Aviva, is second largest with $1,466 million of premiums in force and a market share of 14.4%. Third largest is OnePath, which was known as ING Life prior to the purchase by ANZ Bank of ING’s 50% share, with $1,263 million premiums in force and a market share of 12.4%. However competition remains strong with TAL and CommInsure following closely behind with market shares of 12.2% each.