Good growth for income protection

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30 January 2012

Income protection premium inflows were up 11.4% during the 12 months ending September 2011, according to research house Plan For Life.

Total inflows were $1.8 billion for the September 2011 year compared to $1.6 billion in the corresponding 2010 period.

The inflows segment is evenly split between MLC and AMP with the former having a market share of 20.6% and the latter 19.9%.

But MLC annual inflows growth was just 2.8%, while AMP achieved 7.3%.

Westpac achieved the biggest growth in income protection inflows with 24% growth, followed by AIA with 17.5%.

Income protection new sales grew by 19.5% during the 12 months ending September 2011 to $449 billion compared to $376 billion in September 2010.

TAL led new income protection sales with annual growth of 46% followed by OnePath with 34%.

The income sales segment is again controlled by AMP and MLC with 16.8% and 15.2% market share respectively.

AMP reported sales of 14% during the 12 months ending September 2011 while MLC recorded a 19.8% decline.