The in-force annual group life insurance premiums of industry funds grew by 16.8 per cent to $1.48 billion from $1.27 billion in the year ending 30 June 2011.
Net new annual premiums were up 19.6 per cent over the year, growing to $340 million from $284 million.
"The overall results of the 12 months show a market which is continuing to grow, albeit the number of funds continues to reduce as mergers occur," actuarial firm Plan For Life said yesterday.
The major players in the market included AIA, TAL, OnePath, Hannover and CommInsure, which together held 91.2 per cent of the in-force market, the firm said.
Suncorp disappeared from the market during the year, after its loss of the Sun Super Group Life Scheme.
"Income protection/salary continuation [insurance] continues to be added to funds, which previously lacked this option, with 49 funds now offering this type of extra cover," Plan For Life said.
