New individual lump sum risk business rose 2.2 per cent in the past year after two consecutive years of decreases, according to DEXX&R figures.
The industry wrote $1.33 billion of lump sum new business in the 12 months ending March 2017, up from the $1.3 billion recorded in the year to March 2016, a DEXX&R report said.
It found five of the top 10 life companies – Zurich, TAL, MLC, ClearView and AIA – recorded an increase in lump sum new business for the year ending March 2017.
“Zurich’s acquisition of Macquarie Life’s risk business resulted in Zurich recording a 109.1 per cent increase in new business in the 12 months to March 2017,” DEXX&R said.
The report noted that, over the March 2017 quarter, there was $307 million of new business, up $29 million (10.4 per cent) on the $278 million of new business during the same quarter in 2016.
“March quarter new business is traditionally the lowest recorded in the year,” DEXX&R said.
“The increase recorded in March 2017 over the same quarter in 2016 provides a strong basis for continued growth in lump sum business during 2017.”