The Top 5 life insurance companies in Australia

1. TAL Life Limited

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TAL, a subsidiary of the Japanese insurance giant Dai-ichi Life, concluded its acquisition of Tower Australia in 2011. Under its umbrella, TAL offers life insurance policies through various brands:

1. TAL: Serving as the flagship brand, TAL provides life insurance policies to over 4.5 million Australians.

2. Asteron Life: Acquired from Suncorp in 2019, Asteron Life’s new sales were discontinued by TAL, though existing policies are maintained.

3. BT Life: TAL acquired BT Life from Westpac in August 2022, expanding its client base to 4.8 million. Following the acquisition, BT Life ceased new business operations, with TAL focusing on managing existing plans.

2. AIA Australia Limited

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AIA Australia, a subsidiary of the Hong Kong-based AIA Group, established its presence in Australia in 1972. AIA Group, renowned as the largest pan-Asian life insurance group and one of the world’s largest insurance companies, acquired AIA Australia.

AIA Australia also owns the CommInsure brand, acquired in 2019. While new policy issuance under the CommInsure brand has ceased, AIA Australia continues to provide service for existing life insurance plans under this brand.

3. Zurich Australia Limited

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Zurich, the Australian subsidiary of the Swiss industry powerhouse Zurich Group, made its foray into the country’s insurance market by acquiring the Commonwealth General Assurance Corporation in 1961. In 2016, Zurich further expanded its presence by acquiring Macquarie Life, rebranding Macquarie plans as Zurich life insurance policies. Subsequently, in 2019, Zurich finalized the acquisition of ANZ Bank’s life insurance arm, OnePath. Despite the acquisition, Zurich has maintained the sale of life insurance policies under the OnePath brand.

4. MLC Limited

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MLC is jointly owned by the Japanese insurance giant Nippon Life, holding an 80% stake, and the National Australia Bank (NAB), which owns the remaining share. Among its offerings, MLC Insurance Life Cover presents several notable features for customers:

1. Best Doctors Service: Offers access to leading medical practitioners worldwide.

2. Accidental Injury Benefit: Provides a lump sum payout if the policyholder suffers total and permanent loss of hands, feet, and eyes within six months due to an accident.

3. Advanced Death Benefit: Grants a $20,000 benefit from the life cover lump sum to assist loved ones in covering funeral expenses.

4. Financial Planning Benefit: Partially reimburses costs incurred by a qualified financial adviser if the lump sum benefit paid amounts to $100,000 or more.

5. Resolution Life Australasia

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In 2018, Resolution Life, a UK-based specialist manager of in-force legacy insurance businesses, acquired the life insurance unit of AMP Life, a company listed on the ASX. Following this acquisition, Resolution ceased the issuance of new AMP policies at the end of January 2019, while allowing existing AMP policyholders to continue managing and adding to their policies.

In 2022, Resolution Life achieved a significant milestone in its separation from AMP by acquiring the remaining 19.13% equity interest in Resolution Life Australasia. This acquisition, initially announced in November 2021, marked a key development for Resolution Life’s operations.

Despite these changes, Resolution Life maintains a substantial presence in the market, controlling nearly 8% of it. Notably, among the top five life insurance companies in Australia, Resolution Life boasts the second-highest claims acceptance rates.

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