There are nearly 30 life companies in Australia as of May 17, 2019. The Australian Life Insurance industry has total risk premium inflows of over $16 billion. TAL is the largest life insurer in the country by market share and one of leading companies by premiums in-force. During 2018, it paid approximately $1.6 billion in claims to over 25,000 Australians. The four 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 Life 17.80%
2 AIA Australia 15.50%
3 MLC Ltd 11.70%
4 AMP Life 11.10%
5 OnePath 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

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.
OnePath Life is a subsidiary of Australia and New Zealand Banking 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 Swiss insurer 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 a 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 only 64 percent customer satisfaction.

 Rank Insurance Company 2018
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 64.30%
12 TAL 63.40%
13 Westpac 61.80%

Direct Life Insurance Award Winners

Below are the best life insurance companies based on cost and features of direct life insurance products according to Canstar.
Allianz Australia
Insure Me Now

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