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Top Australian Life Insurance Companies

How to find the Best Life Insurance Companies in Australia

Insurance Watch compares policies from the top Australian life insurance companies listed below. Together these companies represent over 90% of the life insurance market.

The APRA website provides a full list of the 27 life insurance companies and 11 friendly societies who are able to offer life insurance in Australia.

We are often asked which is the “best” life insurance company.  Ultimately this will depend on your circumstances.

We compare each life insurance company against a number of different criteria to help you find the insurer best suited to your purposes :

Life Insurance Companies List

Ranking by size
(% market share)
Insurance Company Insurance Brands
(through brokers)
Customer Ratings Claims Rankings 2021 (2020) Compare Premiums
1st (27.0%) TAL Life Ltd

8th (10th)

N/A (3rd)

Closed to new policies
2nd (18.9%) AIA Australia Limited

10th (9th)

7th (1st)

Closed to new policies
3rd (13.7%) Zurich Australia Ltd

4th (6th)

9th (8th)

4th (10.6%) MLC Limited
2nd (5th)
5th (8.2%) Resolution Group (AMP Life Limited policies)
3rd (7th) Closed to new policies
6th (5.5%) Westpac Life Insurance Services Limited
1st (4th)
7th (4.8%) MetLife Australia
10th (1.7%) ClearView Life Assurance Limited
5th (2nd)
11th (1.1%) NobleOak Life Limited (NEOS Life is distributor)
6th (N/A)
N/A (N/A) Integrity Life Australia Limited

Please Note: Market Share, Rankings and Premiums in Force in Australia for the largest life insurance companies are the most recent statistics released by Strategic Insight for the year ended 30th September 2021 (released 15th February 2022).

AIA Australia Limited

Owned By: Hong Kong based AIA Group

Premiums in Force: $3,258.8 million

Recent Awards:

Current Discounts and Offers: AIA Vitality Health and Wellbeing Program, 10% First Year Discount

AIA has been operating in Australia since 1972.

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.

In 2013 AIA launched AIA Vitality, a program which rewards a healthy lifestyle.

In September 2017 AIA announced it had entered into a deal to buy the CommInsure life insurance business. The purchase was completed in November 2019 and on 31st March 2020 AIA ceased issuance of new CommInsure policies while continuing to service existing policies.

On 15th March 2020 AIA launched AIA Health insurance with Vitality included.

Resolution Life (policies previously issued by AMP Life Limited)

Owned By: Global insurer Resolution Life Group

Premiums in Force: $1,422.1 million

Recent Awards:

Current Discounts and Offers:

AMP Life was originally 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 was one of the largest life insurers in Australia. On 12th November 2012 the AXA Elevate range of life insurance products were rebranded AMP Elevate.

On 25th October 2018 AMP announced that it was selling its life insurance business to Resolution Life effective 30th June 2018. Resolution Life is a UK based specialist manager of in force legacy insurance businesses. From 31st January 2019 new AMP Elevate policies ceased to be issued outside of AMP platforms. However existing AMP customers are still able to manage and add to their policies.

The initial deal involved AMP retaining a 20% interest in the new entity Resolution Life Australasia. However in November 2021 Resolution Life announced that it had agreed to acquire AMP's holding for $524 million. The separation from AMP is expected to be completed by mid 2022.

Westpac Life Insurance Services Limited (issuer of BT Life policies)

Owned By: Westpac bank

Premiums in Force: $942.9 million

Recent Awards: 2019 Overall Winner Consumer Choice Awards

Current Discounts and Offers: 10% My Health discount

Westpac acquired BT Funds Management in 2002 and BT Financial Group became the wealth management arm of the Westpac Bank. BT and Westpac have been providing banking and other financial services to Australians since 1817. In 2019 the insurance business was separated from the wealth management business and was moved into the Westpac Consumer division.

The BT insurance business provides life insurance protection to more than 1.3 million Australians.

On 9th August 2021 Westpac announced that it would be selling Westpac Life, including the BT life insurance range, to TAL for $900M. The sale is expected to complete on 1st August 2022. On 28th March 2022 TAL announced that it will be closing the BT Protection Plan range of products to new sales when the purchase of Westpac Life is completed. Existing BT Life clients will continue to be covered by the terms and conditions of their current policies.

ClearView Life Assurance Limited

Owned By: Listed Australian company

Premiums in Force: $292.9 million

Recent Awards: 2020 Winner Income Protection - Money Management/ Dexx&r, 2019 Overall Runner-up Consumer Choice Awards, 2020 Winner Term Life and TPD - Money Management/ Dexx&r, 2020 Winner Risk Company of the Year - Money Management/ Dexx&r

Current Discounts and Offers: 10% Health Maintenance Reward

In 1976 Clearview started out as NRMA Life providing life insurances 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.

Integrity Life Australia Limited

Owned By: Privately owned by Australian and overseas investors. 60% of the company's shares are owned by 3 global companies: Japanese insurer Daido Life Insurance Company, Swiss fund manager Schroders Investment Management and London based Leadenhall Capital Partners

Premiums in Force: Not Available

Recent Awards:

Current Discounts and Offers: Healthy Life Discount 5% to 10.5%

Integrity Life is one of Australia's newest entrants to the life insurance market. Their goal is to fundamentally disrupt and improve life insurance in Australia by using technology to create products that are easy to understand and simple to use.

In January 2018 the Integrity Group purchased QBE Life which had been operating in Australia since the 1960s. This purchase has enabled Integrity to launch a range of new life insurance products to be sold by financial advisers. With the use of new online technology and having no legacy systems, Integrity claim to be able to approve applications and claims faster than existing insurers.

MetLife Australia Limited

Owned By: US insurer MetLife Inc

Premiums in Force: $828.0 million

Recent Awards: 2019 Life Insurance Company of the Year - ANZIIF Australian Insurance Industry Award, 2021 Best Term Life/TPD – Plan For Life and AFA

Current Discounts and Offers: 10% discount for new customers, 10% BMI discount

MetLife is a global company with over 150 years of history.

MetLife protects customers in 40 countries worldwide including the US, Latin America, Asia, Europe and the Middle East.

Currently MetLife protects 2.6 million Australians. MetLife is the third largest group insurer in Australia servicing super fund members and employees of company funds. MetLife Australia also supplies products to financial advisers.

MetLife stands for life insurance solutions which provide a genuine benefit and the right level of care that is easy to understand.

MLC Limited

Owned By: 20% National Australia Bank 80% Japanese insurer Nippon Life

Premiums in Force: $1,833.3 million

Recent Awards: 2020 Winner Trauma - Money Management/ Dexx&r

Current Discounts and Offers: 5% On Track discount, Best Doctors service

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.

NEOS Life (policies issued by NobleOak Life Limited)

Owned By: NEOS and Nobleoak Life are both privately owned Australian companies

Premiums in Force (Nobleoak): $196.2 million

Recent Awards: 2021 Best Trauma – Plan For Life and AFA

Current Discounts and Offers: 5% discount for new customers and 7.5% Preferred Lives discount

NEOS Life is the registered business name of Australian Life Development Pty Ltd which was established in early 2017 to enter the Australian life insurance market. Centrepoint Alliance has a minority equity holding with the remaining equity held by NEOS founders and staff.

Nobleoak Life is the insurance company who issues NEOS Protection policies and Pacific Life Re is the reinsurer - both are APRA regulated life insurers.

As the distributor NEOS aims to set a new standard for Australian life insurance with faster decision making, responsive service and value for money cover.

TAL Life Limited

Owned By: Japanese insurer Dai-ichi Life

Premiums in Force: $4,662.1 million

Recent Awards: 2021 Life Insurance Company of the Year (TAL) – Plan For Life and AFA, 2021 Best Income Protection (TAL) – Plan For Life and AFA

Current Discounts and Offers: 15% discount for new customers, TAL Health Sense and Health Sense Plus discounts up to 15%

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 $500 Billion in assets. In October 2011 Tower Australia changed its name to TAL.

In 2013 TAL took its shareholding in online insurance comparison business Lifebroker to 100%. In March 2019 TAL purchased Asteron Life from Suncorp. On 1st July 2019 TAL discontinued new sales under the Asteron brand while continuing to maintain existing policies.

TAL announced on 9th August 2021 that it would be buying Westpac Life, including BT Life. TAL already insures over 4.5 million Australians and is Australia's largest life insurance company. When the purchase of BT Life is completed in mid 2022 TAL will have increased its share of the Australian life insurance market from 27% to around 33%.

Zurich Australia Limited

Owned By: Swiss based Zurich Insurance Group

Premiums in Force: $2,369.6 million

Recent Awards: 2019 Overall Runner-Up Consumer Choice Awards (OnePath)

Current Discounts and Offers: Zurich 17.5% SmartValue new customer discount and Livewell health/wellbeing program, OnePath 17.5% kickstart discount for new customer

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.

In December 2017 Zurich announced it had agreed to purchase the OnePath life insurance business from ANZ Bank for $2.85 Billion. The deal was completed on 1st June 2019 and Zurich has announced it intends to maintain the OnePath brand. Zurich will have a 20 year agreement to distribute life insurance to ANZ's 6 million customers.

Most commonly asked questions:

Who is the biggest insurer in Australia?

At the end of September 2021 TAL was the largest life insurance company in Australia with over $4.6 Billion premiums in force and over 27% market share.  Others insurers in the top 5 were AIA, Zurich, MLC, and AMP. See comparison

Which life insurance companies provide the best value policies?

In 2020 the Money Management/DEXX&R award winners were ClearView (Best Life and TPD), MLC (Best Trauma) and ClearView (Best Income Protection). To find the best value policies for your age, gender, occupation etc you need to compare quotes and benefits.

Which life insurance companies have been voted best by customers?

The top three insurers in Australia, as rated by over 1,000 customer reviews on Insurance Watch, are: NEOS, ClearView and AIA. See all reviews

Which is the best life insurance company in Australia?

In 2021 TAL was voted Life Company of the Year by Plan for Life/AFA for the fifth year in a row.  To find the best company for your personal situation go to Get Advice.