The report said premiums were higher in all product areas, with an overall growth of close to 8% for the year.
According to Swiss Re, premium growth was again very strong in the group death benefits sector with £1.25bn ($1.8bn) of in-force premiums reported for 2014.
This strong growth continues the trend from previous years, and is the first time the market recorded annual growth in excess of £100m.
As in 2013, Swiss Re said excepted group life premiums performed very well, with premiums growing by 27.9%.
In its report, Swiss Re said: "The move reflects the reduction of the lifetime allowance, which imposes a cap on pension savings of £1.25m. With the limit set to be reduced further to £1m from April 2016, employers are likely to continue preferring the simplicity this option presents."
The number of people insured for long-term disability income protection through their employers increased by 1.9% for 2014, building on the two million figure of people insured in 2013.
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Critical illness covers also experienced strong growth. In 2014, Swiss Re said almost 475,000 people were covered, an increase of more than 90,000.
Russell Higginbotham, CEO Swiss Re UK & Ireland, said: "These are good figures for the group risk market – but they hide the fact that this industry is at a crossroads.
"The welfare state cannot continue to fund at current levels and the next Government will have to make cuts to the welfare budget. Insurers need to be ready to step up and adapt to that new reality. If we don’t, we may find existing models under threat in the same way that reforms have reconfigured pension provision."
