Year-on-year risk inflows rose 2.1 per cent in FY23 compared to the previous financial year, but risk sales finished down according to data from Plan for Life.
This increase was seen in three specific areas: individual insurance policies that pay out a lump sum (1.9 per cent), individual insurance policies that provide regular income (3.8 per cent), and group insurance policies (1.5 per cent).
TAL and Zurich reported a rise in overall risk inflows, with increases of 4.9 per cent and 6.6 per cent, respectively. ClearView and NobleOak, on the other hand, performed better with increases of 8.9 per cent and 24.4 per cent. In contrast, AIA and Resolution recorded decreases of 5.8 per cent and 4.2 per cent.
Overall annual risk sales finished down 8.3 per cent. Individual risk lump sum sales were 2.8 per cent lower while individual risk income and group risk fell more significantly by 10.0 per cent and 21.7 per cent respectively.
Risk sales of the leading insurers were mixed with Zurich (11.3 per cent) and MetLife (118.7 per cent) both up while TAL (-3.2 per cent) and AIA (-57.7 per cent) were down and MLC Life reporting a 0.4 per cent drop.