Inflows to the individual lump sum sub-market have grown over the 12 months ending September 2015, with life insurers OnePath and TAL experiencing the highest percentage increases, an industry review by Plan For Life has found.
According to Plan For Life, the lump sum sub-market grew by six per cent over the 12-month period, up from $6.283 billion in the previous corresponding period.
Plan For Life reported that among the market leaders, OnePath (7.8 per cent) and TAL (7.0 per cent) experienced the highest increases in their inflows year-on-year.
Across individual risk income inflows, the market was up 5.5 per cent over the past year.
Among the better performers, in percentage terms, were BT/Westpac (16.7 per cent), TAL (13.2 per cent) and OnePath (11.3 per cent), Plan For Life said.
Across the group insurance sector, risk premium inflows were up 9.2 per cent.
Of the larger companies, MLC (17.2 per cent), CommInsure (14 per cent) and MetLife (11.5 per cent) recorded well above-average percentage increases in their annual group risk inflows, largely due to pricing increases, according to Plan for Life.