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Life Insurance Companies

Life Insurance Companies We Compare

Life insurance is basically a promise to pay in the future.  It is therefore important that the life insurance company making the promise is strong and financially secure so that they can deliver when called upon. Insurance Watch deals with the top life insurance companies in Australia so that you can compare and save on life insurance policies with confidence.

“Recent Awards” show those life insurance companies which research houses and industry associations have recognised as offering the best value policies and/or customer service.

To find out who customers have rated as the best life insurance companies Read Life Insurance Company Reviews

Australian Life Insurance Companies

Life Insurance Company Policy Issuer Premiums in Force Size Ranking Background Recent Awards

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AIA Australia Limited $2277.9 M 2nd In June 2009 AIG Life changed its name to AIA Australia Limited to reflect its separation from the US company AIG to become part of the AIA Group in Asia. The new AIA group listed on the Hong Kong Stock Exchange in October 2010 and has over 20 million customers and over 20,000 staff in Asia-Pacific. It is currently the second largest life insurer in the world. AIA has been operating in Australia since 1972. In 2013 AIA launched AIA Vitality, a program which rewards a healthy lifestyle.

2016 Joint Best Value Trauma Insurance - Canstar.

AMP Life Limited $1964.1 M 3rd AMP Life is owned by AMP Limited, which was established in 1849 as a mutual company and listed on the Australian Stock Exchange in mid 1998. In March 2011 AMP merged with AXA. AXA was listed in 1996 as a result of the demutualisation of National Mutual and the acquisition of 51% of the company by French company AXA. Following the successful merger between AMP and AXA the combined entity is one of the largest life insurers in Australia. On 12th November 2012 the AXA Elevate range of life insurance products were rebranded AMP Elevate.

2016 Life Insurance Company of the Year - Australia and New Zealand Institute of Insurance and Finance.

Asteron Life Limited (including Suncorp Group) $800.5 M 8th Asteron has a history in Australia that can be traced back to 1833. Following the merger of Promina with Suncorp in March 2007 Asteron became part of the Suncorp Group which has more than 8 million customers in Australia and New Zealand.

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Westpac Life Insurance Services Limited $1034.3 M 7th BT Financial Group is the wealth management arm of the Westpac Bank which has been delivering banking and other financial services to Australians since 1817. The insurance business provides general and life insurance protection to more than 1 million Australians.

2016 Life Insurance Company of the Year - Strategic Insight and AFA.

2016 Best Income Protection - Strategic Insight and AFA.

2016 Silver Winner Risk Company of the Year - Money Management/ Dexx&r.

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ClearView Life Assurance Limited $142.3 M NA In 1976 Clearview started out as NRMA Life providing life insurance to NRMA customers. Over the years Clearview has evolved into a diversified life insurance and wealth management business. Clearview is currently listed on the ASX. On 25th October 2016 Japanese life insurer, Sony Life, announced it was taking a 14.9% stake in ClearView. Sony Life is owned by Sony Financial Holdings which is majority owned by Sony Corporation.

2016 Joint Best Value TPD Insurance - Canstar.

2016 Joint Best Value Income Protection - Canstar

2016 Joint Best Overall Value - Canstar.

customer reviews Colonial Mutual Life Assurance Society Ltd $1770.8 M 5th The Colonial Mutual Life Assurance Society was established in 1873. In 1997 Colonial acquired Prudential and was in turn acquired by the Commonwealth Bank in 2000. By 2002 Colonial was operating under the CommInsure brand name. The Commonwealth Bank was founded in 1911 and is one of the largest listed companies in Australia.

OnePath Life Limited (formerly known as ING Life) $1642.7 M 6th OnePath was previously known as ING Australia Limited. It was formerly a joint venture between the ANZ bank, one of Australia's major banks, and the ING Group, a Dutch based global financial services company. In September 2009 ANZ announced its move to full ownership and the business and products were rebranded in November 2010 as "OnePath".

2016 Joint Best Value Trauma Insurance - Canstar.

2016 Joint Best Value Packaged Life Insurance - Canstar.

2016 Joint Best Overall Value - Canstar.

2016 Winner Trauma Products - Money Management/ Dexx&r.

2016 Best Trauma/Critical Illness - Strategic Insight and AFA.

2016 Best Life and TPD - Strategic Insight and AFA.

MLC Limited $1903.7 M 4th MLC Limited, the entity that operates the MLC Life Insurance business, is currently owned 20% by the National Australia Bank, one of Australia's largest banks and 80% by Nippon Life Insurance Company. Prior to 3rd October 2016 MLC Limited was owned 100% by National Australia Bank. In October 2009 Aviva Australia, previously known as Norwich Union Life, was purchased by the National Australia Bank and rebranded as MLC products. Following the sale to Nippon Life MLC Limited will retain the MLC brand for its products for at least the next 10 years.

2016 Gold Winner Risk Company of the Year - Money Management/ Dexx&r.

2016 Winner Term & TPD - Money Management/ Dexx&r.

2016 Joint Best Value Term Life Insurance - Canstar.

2016 Joint Best Value Packaged Life - Canstar.

TAL Ltd $2636.6 M 1st TAL (previously known as Tower Australia) originated in 1869 in New Zealand. Tower entered Australia in 1990 and was listed on the Australian Stock Exchange in 1996. In 2007 Tower merged with Prefsure. In 2008 Tower purchased InsuranceLine a direct distributor of insurance. In June 2011 Dai-ichi Life moved to 100% ownership of Tower. Dai-ichi is the second largest life insurer in Japan with around $400 Billion in assets. In October 2011 Tower Australia changed its name to TAL. In 2013 TAL took its shareholding in insurance comparison business Lifebroker to 100%. TAL currently insures over 2.5M Australians.

2016 Joint Best Value Income Protection - Canstar.

2016 Winner Income Protection -- Money Management/ Dexx&r.

2016 Bronze Winner Risk Company of the Year -- Money Management/ Dexx&r.

Zurich Australia Ltd $657.0 M (including Macquarie Life) 9th Zurich Australia is 100% owned by the Swiss-based worldwide Zurich Financial Services Group which operates in over 170 countries. In 1961 Zurich entered Australia purchasing the Commonwealth General Assurance Corporation which had been operating since 1920. On 4th March 2016 Zurich announced that it had purchased Macquarie Life. From 1st October 2016 Macquarie life insurance policies have been rebranded as Zurich policies without any changes to premiums or terms or conditions.

2016 Joint Best Value Term Life Insurance - Canstar.

2016 Joint Best Value TPD Insurance - Canstar.

Please Note: Premiums in Force in Australia for the top 10 life insurance companies by size are the most recent statistics released by Strategic Insight for the year ended December 2016 (released 26 April 2017). Premiums in Force for the other life insurers are based on the latest available figures published by these companies.

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