Wrong Suncorp figures corrected

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Suncorp gave the wrong data to actuary and research firm Plan For Life, which resulted in an incorrect report on growth in the life insurance risk market being published and made Suncorp look as if it had performed particularly poorly compared to others in the life insurance market.
The original report, released by Plan For Life earlier this week, showed Suncorp as the only life insurance company out of the nine measured to experience negative growth, recording a decline of -10.8% over the 12 months to September 2013.
But the report has since been updated, showing Suncorp in fact had annual growth of 5.9%.
A spokeswoman from Suncorp told Wealth Professional the mistake was made after incorrect data was provided to Plan For Life.

The report showed AIA Australia performed the best with 20.1% growth, BT/Westpac was next best with 18.5% growth and TAL recorded the third-highest growth rate with 15.7%.

Suncorp recently appointed Steven Degetto as its new head of third-party intermediaries business to replace outgoing executive Steven Heavey. Degetto has been acting head for the past three months. The company’s half-year results will be announced 19 February.

Plan For Life data on total risk premium inflows:
$millions Year Ended Annual Market Year Ended Market
  Sep-13 Growth Share Sep-12 Share
AMP Group 1,837.1 4.7% 14.8% 1,754.8 15.6%
TAL Group 1,761.2 15.7% 14.2% 1,522.7 13.6%
National Australia / MLC Group 1,611.4 5.8% 13.0% 1,523.5 13.6%
CommInsure Group 1,602.5 5.7% 12.9% 1,515.9 13.5%
AIA Australia 1,421.2 20.1% 11.5% 1,182.9 10.5%
OnePath Australia Group 1,400.4 8.4% 11.3% 1,292.3 11.5%
Suncorp Group 709.7 5.9% 5.7% 670.2 6.0%
BT / Westpac Group 701.3 18.5% 5.7% 591.6 5.3%
Zurich Group 298.7 9.1% 2.4% 273.9 2.4%
Others 1,067.4 18.6% 8.6% 900.4 8.0%
Total 12,411.0 10.5% 100.0% 11,228.2 100.0%

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