Our Life Insurance Companies

Insurance is basically a promise to pay in the future, so it is very important that the life insurance company making the promise is strong and financially secure so that they can deliver when called upon. Insurance Watch only deals with the largest life insurance companies in Australia so that you can compare and save on life insurance plans with confidence.

 

AUSTRALIA’S LARGEST LIFE INSURANCE COMPANIES

Company Policy Issuer
Premiums
Rank
Background
AIA Australia Limited
$1351.0M
6th
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.


Asteron Life Limited (including Suncorp Group)

$708.5M
7th

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.


Westpac Life Insurance Services Limited

$672.2M
8th

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

$53.5M
N/A

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.


Colonial Life Assurance Society Ltd

$1585.9M
4th

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.


OnePath Life Limited (formerly known as ING Life)

$1375.5M
5th

Until recently OnePath was 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”.


Macquarie Life Limited

$155.0M
N/A

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.


MLC Ltd

$1589.5M
3rd

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.


Zurich Australia Ltd

$292.1M
9th

Zurich Australia is 100% owned by the Swiss-based worldwide Zurich Financial Services Group, which operates in over 170 countries. In 1961, Zurichentered Australia purchasing the Commonwealth General Assurance Corporation which has been operating since 1920.