NEWS August 20, 2025
PPS Mutual recognised in adviser ratings report
PPS Mutual has again been ranked as Australia’s highest-rated life insurer in the 2025 Adviser Ratings Financial Advice Landscape report.
The company recorded a net promoter score (NPS) of 54.8, holding the top position for the third year in a row.
PPS Mutual continues strong adviser support
The report placed PPS Mutual first across six adviser satisfaction measures, including product range, business development support, client understanding, trust, and overall quality.
The insurer placed second in adviser support, competitiveness, reporting quality, and claims handling.
The insurer’s growth strategy targets professionals in high-skill industries such as medicine, law, and engineering, delivered through a controlled group of accredited advisers.
Membership passed 15,000 in August 2025, with a relatively young member profile – about 60% are aged 40 or younger.
In-force premiums reached $106 million in FY25, while the company reported lapse rates at 5%, significantly below the market average of 14.2%.
Sector trends show signs of recovery
The retail life insurance market has faced nearly a decade of contraction following the Life Insurance Framework reforms, the Hayne Royal Commission, rising premiums, and adviser education requirements.
Between 2018 and 2024, new business volumes dropped 44% and adviser participation fell sharply.
Adviser Ratings data suggests a turnaround is underway, with new life insurance business up 11.4% since 2023.
The proportion of advisers authorised to provide life insurance has also grown, rising from 74% in 2019 to 84% in 2025.
PPS Mutual expanded its market share from 2.6% in 2021 to 5.4% in 2025, with nearly $17 million in new business written over the past year. For the June 2025 quarter, its market share reached 6.9%.
Adviser Ratings managing director Angus Woods said life insurance is regaining momentum after a difficult period, supported by adviser capability improvements, streamlined platforms, and clearer client propositions.
“Following some difficult years for the sector, it’s encouraging to see that life insurance new business is now up more than 11% since 2023, along with an increase in advisers including risk advice in their service offering – suggesting that confidence is returning,” he said.
Mutual model emphasises member alignment
Chief executive officer Michael Pillemer said PPS Mutual’s member-owned structure supports long-term alignment between the company, advisers, and customers.
“In a market still recovering from years of disruption and consolidation, our growth and retention rates show that a disciplined, values-driven approach can deliver superior outcomes for members and advisers alike. We focus on quality over volume, and we align every part of our process – from product design to underwriting – with the needs of a clearly defined professional market,” he said.
He noted that the business focuses on a defined professional community rather than volume growth, with underwriting and product design tailored to adviser and client needs.
“The life insurance sector has an opportunity to rebuild trust and relevance. Models that put the interests of customers first, assist advisers to build the long-term value of their businesses, and deliver consistently on promises will be the ones that thrive,” Pillemer said.
