In past decades (such as the 70’s, 80’s and 90’s), Life Insurers in Australia used to actively offer investment and insurance products to their clients. They managed large amounts of investments for clients and the relative size of these was one measure used to compare the size of insurers in the past. In modern times (such as the last 20 years), with a few exceptions, life insurers are not generally known as large issuers of investment products and are better known as manufacturing and distributing only insurance products. These are products that provide payments based on the events of death, disability and injury. The products are usually branded as Death Cover, TPD Cover (for Total and Permanent Disability insurance), Income Protection Cover and Trauma or Critical Illness Cover. It is the size of the annual premiums collected for these covers that are commonly used in the current era to compare the relative size of each life insurer. These products are typically arranged by financial advisers, like Experien Insurance Services, offered by superannuation funds and sometime are available to be purchased directly from insurers.
APRA is an insurance industry Regulator and publishes certain life insurance statistics on a biannual basis that can be used to measure relative insurer sizes. This data notes the size of each life insurer by product and distribution channel. The data can be used to identify the larger insurers and new business and lapse rates. Based on data to 30 June 2023, for policies arranged by financial advisers, the relative sizes of the insurers, from largest to smallest were :
- TAL
- Zurich Australia Limited
- AIA Australia Limited
- MLC Limited
- Resolution Life Australasia Limited (ex AMP)
- ClearView Life Assurance Limited
- NobleOak Life Limited (with products distributed under the brands PPS and NEOS)
- MetLife Insurance Limited, and
- Integrity Life Australia Limited
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Published 13 Nov 23.
The information provided contains general information and examples and does not take into account your personal objectives, financial situation or needs. Note that the policy wording will differ from insurer to insure and loadings, exclusions and other limitations may apply by the insurer to each applicant on a case by case basis.
Always read the Product Disclosure Statement issued by an insurer before considering buying insurance. At the time of this article, Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our current Financial Services Guide.
