Re-pricing of existing benefits has helped in-force group business increase 7.4% over the year to 30 September, 2021, according to DEXX&R.
The research house’s latest report on life companies found despite the Protecting Your Super measures leading to fewer members with default cover, the re-pricing of existing benefits has enabled life companies active in the group market to increase total premium received.
It found the total in-force group risk premium increased 7.4% to $6.9 billion over the 12 months to 30 September, 2021. Total in-force business (individual and group) written by life companies increased over the year by 4.2% to $16.5 billion.
The report noted largest life insurance groups as at the end of September, 2021, was TAL/Asteron with 27.3% of market share.