This quarter we are only marginally changing our projections for life insurance premiums through the forecast period. For instance, we are now forecasting life insurance premiums in ---- of AUD--.-bn, as opposed to AUD--.-bn previously. ...For instance, we are now forecasting life insurance premiums in ---- of AUD--.-bn, as opposed to AUD--.-bn previously. We anticipate that life insurance premiums will increase by -.---.- annually through the last three years of the forecast period, or a little faster than we had expected in Q---. We are now forecasting life premiums to amount to AUD--.-bn in ----, or marginally less than the AUD--.-bn that we previously forecast. ...A reduction in assets, of -.- to AUD---.-bn, meant that return on net assets gained by -.-pp during the year, to --.- .
...However, retirement savings will continue to be channelled through super funds. ...One of the wealthiest of the OECD countries, Australia is a nation where roughly half of all households have income of USD--,--- or more. Although this percentage is set to fall slightly in ---- due to the weakness of the Australian dollar, we do expect to see a recovery in the already very strong household income rates over the course of the forecast period, meaning life products will remain highly affordable. Looking forward, growth in absolute incomes, and in the Superannuation Guarantee (SG) levy, will continue to drive the expansion of the super funds. ...Although this percentage is set to fall slightly in ---- due to the weakness of the Australian dollar, we do expect to see a recovery in the already very strong household income rates over the course of the forecast period, meaning life products will remain highly affordable. Looking forward, growth in absolute incomes, and in the Superannuation Guarantee (SG) levy, will continue to drive the expansion of the super funds.
...Australia is home to the world s fourth largest pool of organised retirement savings, in the form of the superannuation funds (super funds) which have assets of around AUD - trillion. The super funds will grow steadily over the coming years. ...The super funds will grow steadily over the coming years. This is because of the growth in the workforce, thanks to net immigration; the general rise in incomes over time; the increase in the superannuation guarantee (SG) levy - the portion of workers incomes that must be contributed to superannuation; and investment earnings. The implication for this is that the super funds (other than self-managed super funds or SMSFs) will represent a growing market for group life products. ...
