OnePath's new business declines, Sovereign's surges
The ANZ Bank-owned OnePath's new business in the individual term, trauma, replacement income and lump sum disablement product categories fell to $5.6 million in the three months ended December, or 13.7% of total new business in the quarter.
That's down from the $6.7 million it collected in the September quarter, 14.8% of the total, and $8.5 million, or 20.2% of the total, in the December quarter of 2010. It's also OnePath's weakest quarter since June 2010.
The figures cover only those companies which are members of the Insurance Savings and Insurance Industry Association (ISI) and account for about 80% of the insurance industry, according to chief executive Peter Neilson.
OnePath is still bringing in the second highest amount of new business but less than half that of Sovereign which collected $12.4 million in the December quarter, or 30.1% of the total.
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