OnePath's share of new business falls as lapses soar

The latest Investment Savings and Insurance Industry Association (ISI) figures show OnePath's new business in the individual term, trauma, replacement income and lump sum disablement product categories fell to $6.7 million in the three months ended September or 14.8% of the total new business in those product categories.

That's down from $6.9 million, or 16% of the total, in the June quarter and down from $8.5 million, or 17.7%, in the September quarter last year.

OnePath is still bringing in the second highest amount of new business behind Sovereign.

Its surrender rate in the latest quarter was 18.5% on an annualised basis, up from 15.8% in the June quarter, and below only Kiwibank's 20.6% rate - Kiwibank's new business in the quarter was just $0.6 million, or 1.4% of the total.