Top Australian Life Insurance Companies

AIA Australia Limited

Owned By: Hong Kong based AIA Group
Premiums in Force: $ 3,258.8 million
Recent Awards:
Current Discounts and Offers: AIA Vitality Health and Wellbeing Program, 10 % first year Discount

AIA has been operating in Australia since 1972 .
In June 2009 AIG Life changed its name to AIA Australia Limited to reflect its separation from the US company AIG to become depart of the AIA Group in Asia. The new AIA group listed on the Hong Kong Stock Exchange in October 2010 and has over 20 million customers and over 20,000 staff in Asia-Pacific. It is presently the second largest life insurance company in the global .
In 2013 AIA launched AIA Vitality, a course of study which rewards a healthy life style .
In September 2017 AIA announced it had entered into a softwood to buy the CommInsure life sentence policy commercial enterprise. The purchase was completed in November 2019 and on 31st March 2020 AIA ceased issue of new CommInsure policies while continuing to service existing policies .
On 15th March 2020 AIA launched AIA Health indemnity with Vitality included .

Resolution Life (policies previously issued by AMP Life Limited)

Owned By: Global insurance company Resolution Life Group
Premiums in Force: $ 1,422.1 million
Recent Awards:
Current Discounts and Offers:
AMP Life was originally owned by AMP Limited, which was established in 1849 as a reciprocal company and listed on the Australian Stock Exchange in mid 1998 .
In March 2011 AMP merged with AXA. AXA was listed in 1996 as a consequence of the demutualisation of National Mutual and the learning of 51 % of the company by french company AXA. Following the successful amalgamation between AMP and AXA the combine entity was one of the largest life insurers in Australia. On 12th November 2012 the AXA Elevate roll of life sentence indemnity products were rebranded AMP Elevate .
On 25th October 2018 AMP announced that it was selling its life indemnity business to Resolution Life effective 30th June 2018. Resolution Life is a UK based specialist director of in push bequest policy businesses. From 31st January 2019 new AMP Elevate policies ceased to be issued outside of AMP platforms. however existing AMP customers are silent able to manage and add to their policies .
The initial deal involved AMP retaining a 20 % interest in the modern entity Resolution Life Australasia. however in November 2021 Resolution Life announced that it had agreed to acquire AMP ‘s holding for $ 524 million. The interval from AMP is expected to be completed by mid 2022 .

Westpac Life Insurance Services Limited (issuer of BT Life policies)

Owned By: Westpac bank
Premiums in Force: $ 942.9 million
Recent Awards: 2019 Overall Winner Consumer Choice Awards
Current Discounts and Offers: 10 % My Health deduction
Westpac acquired BT Funds Management in 2002 and BT Financial Group became the wealth management arm of the Westpac Bank. BT and Westpac have been providing banking and other fiscal services to Australians since 1817. In 2019 the policy business was separated from the wealth management commercial enterprise and was moved into the Westpac Consumer class .
The BT indemnity clientele provides life policy protection to more than 1.3 million Australians .
On 9th August 2021 Westpac announced that it would be selling Westpac Life, including the BT life policy scope, to TAL for $ 900M. The sale is expected to complete on 1st August 2022. On 28th March 2022 TAL announced that it will be closing the BT Protection Plan range of products to new sales when the leverage of Westpac Life is completed. Existing BT Life clients will continue to be covered by the terms and conditions of their current policies .

ClearView Life Assurance Limited

Owned By: Listed australian caller
Premiums in Force: $ 292.9 million
Recent Awards: 2020 Winner Income Protection – Money Management/ Dexx & radius, 2019 overall runner-up Consumer Choice Awards, 2020 Winner Term Life and TPD – money Management/ Dexx & gas constant, 2020 Winner Risk Company of the Year – Money Management/ Dexx & radius
Current Discounts and Offers: 10 % Health Maintenance Reward
In 1976 Clearview started out as NRMA Life providing life insurances to NRMA customers .
Over the years Clearview has evolved into a diversify life policy and wealth management business. Clearview is presently listed on the ASX .
On 25th October 2016 japanese life insurance company, Sony Life, announced it was taking a 14.9 % interest in ClearView. Sony Life is owned by Sony Financial Holdings which is majority owned by Sony Corporation .

Integrity Life Australia Limited

Owned By: privately owned by australian and oversea investors. 60 % of the ship’s company ‘s shares are owned by 3 ball-shaped companies : japanese insurance company Daido Life Insurance Company, Swiss fund coach Schroders Investment Management and London based Leadenhall Capital Partners
Premiums in Force: not Available
Recent Awards:
Current Discounts and Offers: Healthy Life Discount 5 % to 10.5 %
Integrity Life is one of Australia ‘s newest entrants to the biography policy market. Their finish is to basically disrupt and improve animation policy in Australia by using technology to create products that are easy to understand and simple to use .
In January 2018 the Integrity Group purchased QBE Life which had been operating in Australia since the 1960s. This purchase has enabled Integrity to launch a compass of fresh life insurance products to be sold by fiscal advisers. With the consumption of modern on-line engineering and having no bequest systems, Integrity title to be able to approve applications and claims faster than existing insurers .

MetLife Australia Limited

Owned By: US insurance company MetLife Inc
Premiums in Force: $ 828.0 million

Recent Awards: 2019 Life Insurance Company of the Year – ANZIIF Australian Insurance Industry Award, 2021 Best Term Life/TPD – Plan For Life and AFA
Current Discounts and Offers: 10 % deduction for newfangled customers, 10 % BMI rebate
MetLife is a ball-shaped company with over 150 years of history .
MetLife protects customers in 40 countries global including the US, Latin America, Asia, Europe and the Middle East .
presently MetLife protects 2.6 million Australians. MetLife is the one-third largest group insurance company in Australia servicing super fund members and employees of ship’s company funds. MetLife Australia besides supplies products to fiscal advisers .
MetLife stands for life insurance solutions which provide a genuine profit and the proper level of care that is easy to understand .

MLC Limited

Owned By: 20 % National Australia Bank 80 % japanese insurance company Nippon Life
Premiums in Force: $ 1,833.3 million
Recent Awards: 2020 Winner Trauma – money Management/ Dexx & r
Current Discounts and Offers: 5 % On Track discount rate, Best Doctors service
MLC Limited, the entity that operates the MLC Life Insurance business, is presently owned 20 % by the National Australia Bank, one of Australia ‘s largest banks, and 80 % by Nippon Life Insurance Company .
Prior to 3rd October 2016 MLC Limited was owned 100 % by National Australia Bank. In October 2009 Aviva Australia, previously known as Norwich Union Life, was purchased by the National Australia Bank and rebranded as MLC products .
Following the sale to Nippon Life MLC Limited will retain the MLC stigmatize for its products for at least the future 10 years .

NEOS Life (policies issued by NobleOak Life Limited)

Owned By: NEOS and Nobleoak Life are both privately owned australian companies
Premiums in Force (Nobleoak): $ 196.2 million
Recent Awards: 2021 Best Trauma – Plan For Life and AFA
Current Discounts and Offers: 5 % discount rate for raw customers and 7.5 % Preferred Lives discount
NEOS Life is the register clientele identify of australian Life Development Pty Ltd which was established in early on 2017 to enter the australian life insurance grocery store. Centrepoint Alliance has a minority equity holding with the remaining equity held by NEOS founders and staff .
Nobleoak Life is the indemnity company who issues NEOS Protection policies and Pacific Life Re is the reinsurer – both are APRA regulate life sentence insurers .
As the distributor NEOS aims to set a new criterion for australian liveliness insurance with faster decisiveness form, responsive military service and measure for money embrace .

TAL Life Limited

Owned By: japanese insurance company Dai-ichi Life
Premiums in Force: $ 4,662.1 million
Recent Awards: 2021 Life Insurance Company of the Year ( TAL ) – design For Life and AFA, 2021 Best Income Protection ( TAL ) – plan For Life and AFA
Current Discounts and Offers: 15 % discount for newfangled customers, TAL Health Sense and Health Sense Plus discounts up to 15 %
TAL ( previously known as Tower Australia ) originated in 1869 in New Zealand. Tower entered Australia in 1990 and was listed on the Australian Stock Exchange in 1996 .
In 2007 Tower merged with Prefsure. In 2008 Tower purchased InsuranceLine a direct allocator of indemnity .
In June 2011 Dai-ichi Life moved to 100 % possession of Tower. Dai-ichi is the second largest liveliness insurance company in Japan with about $ 500 Billion in assets. In October 2011 Tower Australia changed its name to TAL .
In 2013 TAL took its shareholding in on-line policy comparison business Lifebroker to 100 %. In March 2019 TAL purchased Asteron Life from Suncorp. On 1st July 2019 TAL discontinued new sales under the Asteron post while continuing to maintain existing policies .
TAL announced on 9th August 2021 that it would be buying Westpac Life, including BT Life. TAL already insures over 4.5 million Australians and is Australia ‘s largest life insurance caller. When the leverage of BT Life is completed in mid 2022 TAL will have increased its share of the australian life indemnity market from 27 % to around 33 % .

Zurich Australia Limited

Owned By: Swiss based Zurich Insurance Group
Premiums in Force: $ 2,369.6 million
Recent Awards: 2019 overall runner-up Consumer Choice Awards ( OnePath )
Current Discounts and Offers: Zurich 17.5 % SmartValue new customer discount and Livewell health/wellbeing plan, OnePath 17.5 % kickstart rebate for new customer
Zurich Australia is 100 % owned by the Swiss-based global Zurich Financial Services Group which operates in over 170 countries.

In 1961 Zurich entered Australia purchasing the Commonwealth General Assurance Corporation which had been operating since 1920 .
On 4th March 2016 Zurich announced that it had purchased Macquarie Life. From 1st October 2016 Macquarie life policy policies have been rebranded as Zurich policies .
In December 2017 Zurich announced it had agreed to purchase the OnePath biography indemnity business from ANZ Bank for $ 2.85 Billion. The bargain was completed on 1st June 2019 and Zurich has announced it intends to maintain the OnePath trade name. Zurich will have a 20 year agreement to distribute life policy to ANZ ‘s 6 million customers .