Life industry in-force premium fell 1.7% to $16.2 billion last year as lump sum and disability lines recorded declines, offsetting a modest rise in group risk business, according to researcher Dexx&r.

Lump sum in-force premium – comprising death, total and permanent disability, and trauma – dropped 2.2% to $6.34 billion; disability fell 5.43% to $2.85 billion; and group risk business improved 0.32% to $6.99 billion.

New business weakened last year, down 23.4% to $1.32 billion. By line, lump sum dropped 11.2% to $809 million; disability fell 33.3% to $300.95 million; and group risk declined 42% to $206.96 million.

Dexx&r’s analysis of industry performance is based on risk business issued by life companies from their statutory funds.

TAL is the biggest life insurer by in-force premium, with a 31.3% market share ($5.06 billion), followed by AIA (21.3%; $3.45 billion), Zurich/OnePath (14.9%; $2.41 billion), MLC Life (11.3%; $1.83 billion) and Resolution Life (7.8%; $1.26 billion). The top five hold 86.6% of the market.