Top 10 Life Insurance Companies in Australia

There are approximately 30 life insurance companies in Australia. TAL is the country’s biggest life insurer by market share and one of the largest companies by premiums in force. During 2019, it paid roughly $2.3 billion in claims to more than 34,000 Australians. The four largest life insurers are owned by foreign companies. Here is a list of the top 10 life insurance companies ranked by total risk premium inflows.

Rank Insurance Company Market Share
1 TAL Life Ltd 17.80%
2 AIA Australia 15.50%
3 MLC Ltd 11.70%
4 AMP Life 11.10%
5 OnePath 10.20%
6 CommInsure 7.90%
7 BT Financial 7.80%
8 Suncorp 5.10%
9 MetLife Insurance 4.50%
10 Zurich Australia 4.20%

Strategic Insight report TAL (formerly TOWER Australia) is part of Japan based Dai-ichi Life Group, one of the world’s largest life insurance companies.
AIA Australia is a subsidiary of Hong Kong based AIA Group Limited.
MLC Ltd (MLC Life Insurance) is a division of the Nippon Life Insurance Company.
AMP Life is a subsidiary of UK-based Resolution Life Group.
OnePath Life is a subsidiary of Australia and New Zealand Banking Group.
CommInsure is a subsidiary of Commonwealth Bank of Australia.
BT Financial Group is a subsidiary of Westpac Banking Corporation.
MetLife Insurance is owned by American insurer MetLife Inc.
Zurich Australia is a division of Swiss insurer Zurich Insurance Group.

Customer Satisfaction Ratings

Here are the satisfaction ratings for the largest life insurance companies in Australia according to Roy Morgan study. InsuranceLine, a member of TAL and provider of life, funeral and pet insurance, has the highest customer satisfaction rating of 82%. AMP Life, the leading company by the number of policies, has customer satisfaction only 64 percent .

Rank Company Customer Satisfaction
1 Insuranceline 81.60%
2 Suncorp 78.70%
3 Real Insurance 74.70%
4 Asteron 70.10%
5 Allianz 69.10%
6 Zurich 68.20%
7 AIA Australia 67.80%
8 CommInsure 67.70%
9 MLC 64.90%
10 OnePath 64.50%
11 AMP Life 64.30%
12 TAL 63.40%
13 Westpac 61.80%

Direct Life Insurance Award Winners

Below are the best life insurers based on cost and features of direct life insurance products according to Canstar.

Allianz Australia
Insure Me Now
NobleOak

List of Life Insurance companies in Australia

Here is a complete list of life insurance companies in Australia.

  • AIA Australia
  • Allianz Australia Life Insurance
  • AMP Life Limited
  • Asteron Life & Superannuation
  • Challenger Life Company
  • ClearView Life Assurance
  • Colonial Mutual Life Assurance Society
  • Combined Life Insurance Co of Australia
  • General Reinsurance Life Australia Ltd
  • Hallmark Life Insurance Company
  • Hannover Life Re of Australasia Ltd
  • H C F Life Insurance Company Pty
  • Integrity Life Australia Limited
  • Macquarie Life Limited
  • MetLife Insurance Limited
  • MLC Limited
  • Munich Reinsurance Company of Australasia
  • OnePath Life Limited
  • Pacific Life Re (Australia) Pty
  • QInsure Limited
  • RGA Reinsurance Company of Australia
  • SCOR Global Life Australia Pty Ltd
  • St Andrew’s Life Insurance Pty Ltd
  • St. George Life Limited
  • Swiss Re Life & Health Australia Limited
  • TAL Life Limited
  • The National Mutual Life Association of Australasia
  • Westpac Life Insurance Services
  • Zurich Australia Limited