Overall Risk Inflows in 2023 were only marginally lower by 0.2% than those reported for 2022.
Market leader TAL (-0.1%) reflected this overall market result, while the performance of the other main players were mixed with AIA (-4.5%), MLC (-1.6%) as well as Resolution Life (-5.5%) reporting decreases.
Zurich (4.0%) and MetLife (5.4%) reported increases, while smaller players NobleOak (24.2%) and ClearView (10.5%) both saw double digit percentage annual Inflow growth.
Year-on-year new premium sales were up 8.8%.
Market leaders TAL (18.1%), AIA (9.4%) and Zurich (38.8%), NobleOak (37.5%) and ClearView (20.0%) experienced increases in Risk Sales, partially offset by falls reported by MetLife (-38.1%), due to its Group Risk Sales dropping back after jumping sharply in 2022 and Resolution (-30.1%).
Total Risk Premium Inflows:
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Superannuation fees have fallen 2% over the last financial year to reach to 0.93% per annum, the lowest total expense ratio on record.
Australia’s financial adviser numbers have stabilised at 16,000 and is projected to climb, but this may not be enough to avert a supply shortfall.
