There are about 30 life insurance companies in Australia. TAL is the country's largest life insurer by market share and one of the largest companies by premiums in force. During 2019, it paid approximately $2.3 billion in claims to more than 34,000 Australians. The five largest life insurers are owned by foreign companies. Here is a list of the top 10 life insurance companies ranked by total risk premium inflows.

Rank Insurance Company Market Share
1 TAL Group 17.80%
2 AIA Australia 15.50%
3 MLC Ltd 11.70%
4 AMP Life Limited 11.10%
5 OnePath Australia 10.20%
6 CommInsure 7.90%
7 BT Financial 7.80%
8 Suncorp 5.10%
9 MetLife Insurance 4.50%
10 Zurich Australia 4.20%

Source: Strategic Insight report 2019
TAL (formerly TOWER Australia) is part of Japan based Dai-ichi Life Group, one of the world's largest life insurance companies.
AIA Australia is a subsidiary of Hong Kong based AIA Group Limited.
MLC Ltd (MLC Life Insurance) is a division of the Nippon Life Insurance Company.
AMP Life is a subsidiary of UK-based Resolution Life Group.
CommInsure is a subsidiary of Commonwealth Bank of Australia.
BT Financial Group is a subsidiary of Westpac Banking Corporation.
MetLife Insurance is owned by American insurer MetLife Inc.
Zurich Australia is a division of Switzerland-based Zurich Insurance Group.

Customer Satisfaction Ratings

Here are the satisfaction ratings for the largest life insurance companies in Australia according to Roy Morgan study. InsuranceLine, a member of TAL and provider of life, funeral and pet insurance, has the highest customer satisfaction rating of 82%. AMP Life, the leading company by the number of policies, has customer satisfaction only 64 percent .

 Rank Company Customer Satisfaction
1 Insuranceline 81.60%
2 Suncorp 78.70%
3 Real Insurance 74.70%
4 Asteron 70.10%
5 Allianz 69.10%
6 Zurich 68.20%
7 AIA Australia 67.80%
8 CommInsure 67.70%
9 MLC 64.90%
10 OnePath 64.50%
11 AMP Life 64.30%
12 TAL 63.40%
13 Westpac 61.80%

Direct Life Insurance Award Winners

Below are the best life insurers based on cost and features of direct life insurance products according to Canstar.

Allianz Australia
Insure Me Now

List of Life Insurance companies in Australia

Here is a complete list of life insurance companies in Australia.

AIA Australia
Allianz Australia Life Insurance
AMP Life Limited
Asteron Life & Superannuation
Challenger Life Company
ClearView Life Assurance
Colonial Mutual Life Assurance Society
Combined Life Insurance Co of Australia
General Reinsurance Life Australia Ltd
Hallmark Life Insurance Company
Hannover Life Re of Australasia Ltd
H C F Life Insurance Company Pty
Integrity Life Australia Limited
Macquarie Life Limited
MetLife Insurance Limited
MLC Limited
Munich Reinsurance Company of Australasia
OnePath Life Limited
Pacific Life Re (Australia) Pty
QInsure Limited
RGA Reinsurance Company of Australia
SCOR Global Life Australia Pty Ltd
St Andrew's Life Insurance Pty Ltd
St. George Life Limited
Swiss Re Life & Health Australia Limited
TAL Life Limited
The National Mutual Life Association of Australasia
Westpac Life Insurance Services
Zurich Australia Limited