Major Life Insurance Companies |
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| Life Company | Policy Issuer | Premiums in Force | Size Ranking | Background |
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AMP Life Limited | $689.6M | 5th | Owned by AMP Limited, which was established in 1849 as a mutual company and listed on the Australian Stock Exchange in mid 1998. AMP has over 3.4 million customers. |
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AIA Australia Limited | $657.4M | 6th | In June 2009 AIG Life changed its name to AIA Australia Limited to reflect its separation from the US company AIG to become part of the AIA Group in Asia. The new AIA group has over 20 million customers and over 20,000 staff in Asia-Pacific. AIA has been operating in Australia since 1970. |
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Asteron Life Limited | $409.4M | 8th | Asteron has a history in Australia that can be traced back to 1833. Following the merger of Promina with Suncorp in March 2007 Asteron has become part of the Suncorp Group which has more than 7 million customers in Australia and New Zealand. |
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Norwich Union Life Australasia Ltd | $265.9M | 10th | Aviva Australia, previously known as Norwich Union, has operated in Australia for over 150 years. Owned by the global Aviva group until October 2009, it is has now been purchased by the National Australia Bank, which also owns MLC, and the business will be rebranded within 12 months. |
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National Mutual Life Association of Australasia Ltd | $642.2M | 7th | National Mutual was established in 1869 as a mutual company. In 1995 the company demutualised and AXA acquired 51% of the company. National Mutual listed in October 1996 and adopted the AXA brand in 1999. The AXA Group has more than 65 million customers worldwide. |
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Colonial Life Assurance Society Ltd | $1174.0M | 1st | The Colonial Mutual Life Assurance Society was established in 1873. In 1997 Colonial acquired Prudential and was in turn acquired by the Commonwealth Bank in 2000. By 2002 Colonial was operating under the CommInsure brand name. The Commonwealth Bank was founded in 1911 and is one of the largest listed companies in Australia. |
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ING Life Ltd | $963.2M | 2nd | Until recently ING Australia Limited has been a joint venture between the ANZ bank, one of Australia's major banks, and the ING Group, a Dutch based global financial services company serving more than 85 million customers in 50 countries around the world. In September 2009 ANZ announced it will move to full ownership and the business will be rebranded within 12 months. |
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Macquarie Life Limited | Less than $50M | 15th | Macquarie Bank opened business in Sydney in 1985 and listed on the Australian Stock Exchange in 1996. In 2007 Macquarie Life launched its Futurewise range of life insurance products. |
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Metlife Insurance Ltd | $252.4M | 12th | Metlife entered Australia in July 2005 when it purchased Citigroup's insurance operations. Metlife has 140 years experience in global financial services. In 2000 MetLife Inc listed in the US. It has 70 million customers around the world. |
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MLC Ltd | $910.2M | 3rd | Owned by the National Australia Bank, one of Australia's largest banks, MLC has over 120 years of insurance experience. MLC also provides investment and superannuation solutions and has a customer base of over 1.5 million. |
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Tower Australia Ltd | $710.4M | 4th | Tower's origins go back to 1869 in New Zealand. Tower entered Australia in 1990 and the Tower Australia Group Limited is listed on the Australian Stock Exchange. In 2007 Tower merged with Prefsure and currently has over 1 million Australian customers. |
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Zurich Australia Ltd | $182.6M | 13th | Zurich Australia is 100% owned by the Swiss-based worldwide 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. |
Please Note: As at 31st December 2009 all of the insurers featured had a Credit Rating from Standard and Poors of "A" or better Premiums in Force in Australia are the most recent statistics released by Plan for Life and are as at 30th September 2009.