Tower Australia almost doubled its growth in group risk inforce premiums during the December 2009 quarter as a result of its recent AustralianSuper mandate.
Risk inforce premiums are sales from ongoing policies.
Growth in Tower's group risk inforce premium was 43.3 per cent for the quarter ending 31 December, reflecting the onset of inflows from the AustralianSuper appointment.
"The AustralianSuper mandate started to come on stream as of 1 October 2009 and it's starting to feed through now," Tower media manager Rod Metcalfe said.
"We're looking for further growth from that as more comes on stream as time goes by."
The value of individual inforce premiums for life insurance and income protection rose by 14.6 per cent over the last year and 2.8 per cent in the December 2009 quarter.
"The life insurance market is continuing to grow, so we're continuing to look at our position in that and taking opportunities as they come," Metcalfe said.
"Basically, we've found that the global financial crisis just heightened people's awareness of the need to get proper life insurance cover, so hence people are now more aware of the need to protect their income and protect their financial positions."
