Today we will share about life Insurance companies in Australia. But what you mean Life Insurance? Life Insurance: A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
Here is the list top 10 Australia’s Largest Life Insurance Companies that do more research and list down as blow:
1. AIA Australia Limited
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 listed on the Hong Kong Stock Exchange in October 2010 and has over 20 million customers and over 20,000 staff in Asia-Pacific. AIA has been operating in Australia since 1970.
2. AMP Life Limited and National Mutual Life Association of Australasia Ltd
AMP Life is owned by AMP Limited, which was established in 1849 as a mutual company and listed on the Australian Stock Exchange in mid 1998. In March 2011 AMP merged with AXA. AXA was listed in 1996 as a result of the demutualisation of National Mutual and the acquisition of 51% of the company by French company AXA. Following the successful merger between AMP and AXA the combined entity is now one of the largest life insurers in Australia. On 12th November 2012 the AXA Elevate range of life insurance products were rebranded AMP Elevate.
3. Asteron Life Limited (including Suncorp Group)
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.
4. Westpac Life Insurance Services Limited
BT Financial Group is the wealth management arm of the Westpac Bank which has been delivering banking and other financial services to Australians since 1817. The insurance business provides general and life insurance protection to more than 1 million Australians.
ClearView Insurance Ltd
In 1976 Clearview started out as NRMA Life providing life insurances to NRMA customers. Over the years Clearview has evolved into a diversified life insurance and wealth management business. Clearview is currently listed on the ASX and is not aligned with any large national or international financial institutions.
5. Colonial Life Assurance Society Ltd
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.
6. OnePath Life Limited (formerly known as ING Life)
OnePath was previously known as ING Australia Limited. It was formerly a joint venture between the ANZ bank, one of Australia's major banks, and the ING Group, a Dutch based global financial services company. In September 2009 ANZ announced its move to full ownership and the business and products were rebranded in November 2010 as “OnePath”.
7. Macquarie Life Limited
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.
8. MLC Ltd
MLC is owned by the National Australia Bank, one of Australia's largest banks and has over 120 years of insurance experience. MLC also provides investment and superannuation solutions and has a customer base of over 1.5 million. In October 2009 Aviva Australia, previously known as Norwich Union Life, was purchased by the National Australia Bank and these products have been rebranded as MLC products.
9. TAL Ltd
TAL (previously known as Tower Australia) originated in 1869 in New Zealand. Tower entered Australia in 1990 and was listed on the Australian Stock Exchange in 1996. In 2007 Tower merged with Prefsure. In 2008 Tower purchased InsuranceLine a direct distributor of insurance. In June 2011 Dai-ichi Life moved to 100% ownership of Tower. Dai-ichi is the second largest life insurer in Japan with around $400 Billion in assets. In October 2011 Tower Australia changed its name to TAL. In 2013 TAL took its shareholding in insurance comparison business Lifebroker to 100%. TAL currently insures over 2.5M Australians.
10. Zurich Australia Ltd
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.
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