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Australia Life Insurance Market Summary, Competitive Analysis and Forecast to 2027

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    Report

  • 47 Pages
  • March 2023
  • Region: Australia
  • MarketLine
  • ID: 5785987
Life Insurance in Australia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

  • The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
  • The Australian life insurance market had total gross written premiums of $15.3 billion in 2022, representing a compound annual growth rate (CAGR) of -16.6% between 2017 and 2022.
  • The Life Insurance segment accounted for market's the largest proportion in 2022, with total gross written premiums of $8.5 billion, equivalent to 55.2% of the market's overall value.
  • As per the Australian Prudential Regulation Authority’s (APRA), statistics report published in September 2022, APRA found that for September 2022, the Australian life insurance industry had total revenue of $8.3 3.9 billion, a slight increase drop from $3.7 20.9 billion in the year end September June 20212.The performance of the market is forecast to decline further but at a slower pace, with an anticipated CAGR of -0.9% for the five-year period 2022 - 2027, which is expected to drive the market to a value of $14.6billion by the end of 2027.

Scope

  • Save time carrying out entry-level research by identifying the size, growth, and leading players in the life insurance market in Australia
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Australia
  • Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Australia life insurance market with five year forecasts by both value and volume

Reasons to Buy

  • What was the size of the Australia life insurance market by value in 2022?
  • What will be the size of the Australia life insurance market in 2027?
  • What factors are affecting the strength of competition in the Australia life insurance market?
  • How has the market performed over the last five years?
  • Who are the top competitiors in Australia's life insurance market?

Table of Contents

1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?
8 Company Profiles
8.1. AIA Group Ltd
8.2. Challenger Ltd
8.3. TAL Dai-ichi Life Australia Pty Ltd
8.4. Nippon Life Insurance Co
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related Research
10.4. About the Publisher
List of Tables
Table 1: Australia life insurance market value: $ billion, 2017-22
Table 2: Australia life insurance market category segmentation: % share, by value, 2017-2022
Table 3: Australia life insurance market category segmentation: $ billion, 2017-2022
Table 4: Australia life insurance market geography segmentation: $ billion, 2022
Table 5: Australia life insurance market value forecast: $ billion, 2022-27
Table 6: Australia life insurance market share: % share, by value, 2022
Table 7: AIA Group Ltd: key facts
Table 8: AIA Group Ltd: Annual Financial Ratios
Table 9: AIA Group Ltd: Key Employees
Table 10: AIA Group Ltd: Key Employees Continued
Table 11: Challenger Ltd: key facts
Table 12: Challenger Ltd: Annual Financial Ratios
Table 13: Challenger Ltd: Key Employees
Table 14: TAL Dai-ichi Life Australia Pty Ltd: key facts
Table 15: TAL Dai-ichi Life Australia Pty Ltd: Key Employees
Table 16: Nippon Life Insurance Co: key facts
Table 17: Nippon Life Insurance Co: Key Employees
Table 18: Nippon Life Insurance Co: Key Employees Continued
Table 19: Australia size of population (million), 2018-22
Table 20: Australia gdp (constant 2005 prices, $ billion), 2018-22
Table 21: Australia gdp (current prices, $ billion), 2018-22
Table 22: Australia inflation, 2018-22
Table 23: Australia consumer price index (absolute), 2018-22
Table 24: Australia exchange rate, 2017-21
List of Figures
Figure 1: Australia life insurance market value: $ billion, 2017-22
Figure 2: Australia life insurance market category segmentation: $ billion, 2017-2022
Figure 3: Australia life insurance market geography segmentation: % share, by value, 2022
Figure 4: Australia life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the life insurance market in Australia, 2022
Figure 6: Drivers of buyer power in the life insurance market in Australia, 2022
Figure 7: Drivers of supplier power in the life insurance market in Australia, 2022
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Australia, 2022
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Australia, 2022
Figure 10: Drivers of degree of rivalry in the life insurance market in Australia, 2022
Figure 11: Australia life insurance market share: % share, by value, 2022

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • AIA Group Ltd
  • Challenger Ltd
  • TAL Dai-ichi Life Australia Pty Ltd
  • Nippon Life Insurance Co