Sovereign keeps its number one spot
The latest market share figures for the life insurance industry show that Sovereign continues to comfortably hold onto the number one position.The figures from the Investment Savings and Insurance Association (ISI) are broken into two groups; Individual risk and Traditional risk.
Monday, March 3rd 2008, 12:54AM
Covered in the former are in individual term, guaranteed acceptance, trauma, replacement income, sump sum disablement and accidental death and credit insurance. It also includes group policies for life-death disablement, replacement income and trauma.The Traditional category include risk and group policies as in the Individual category plus the whole of life, endowment policies and unbundled policies.
What is interesting about the results is although there is a lot of competition amongst life companies the changes in market share are quite small.
Sovereign continues to have about twice the market share of second and third AXA and AMP, using the Traditional risk measure for the 12-months ending December 31. (see table below).
However, AMP and AXA have both recently released annual results, and both say their life businesses in New Zealand are going well.
AXA reported that operating earnings for the year were up 22% to end at $59.1 million and a key contributor to the result was higher financial protection sales and lower than expected claims.
It said financial protection operating earnings rose 41% to $39.2 million and new business ales increased 17% to $27.4 million.
Meanwhile, AMP said that life insurance premium income increased 14% year-on-year for the 12 months to December 31.
IN FORCE POLICIES
TRADITIONAL, RISK, GROUP
Quarter Ending: 31-Dec-07
Sovereign Assurance
414,104
29.3%
1
AXA New Zealand
207,017
14.7%
2
AMP
199,443
14.1%
3
Asteron Life Limited
118,099
8.4%
4
American International Assurance - AIA
86,772
6.1%
5
TOWER NZ
73,141
5.2%
6
Westpac Investment Management
64,546
4.6%
7
Fidelity Life Assurance Co Ltd
61,549
4.4%
8
CIGNA Life Insurance NZ Ltd
55,462
3.9%
9
BNZ Life
46,556
3.3%
10
ING Insurance Services (NZ) Ltd
43,318
3.1%
11
ING Life (NZ) Limited
28,773
2.0%
12
Medical Life
8,650
0.6%
13
Hannover Life Re of Australasia Ltd
3,617
0.3%
14
Total ($000)
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