APRA reveals September life industry figures

According to APRA, the industry net loss in individual disability income insurance for the September quarter was $173 million, while for the year ending September 2018 it was at $275.7 million. The loss is slightly lower than last year, when it was at $294.2 million.

As for the performance of individual lump sum risk, the product recorded a net profit after tax of $88.5 million for the September quarter.

It recorded a $749.4 million profit for the year ending September 2018, lower than the $800.9 million recorded for the year ending September 2017.

Net policy revenue rose 11.5 per cent in the year ending September 2018, from $16 billion in September 2017 to $17.9 billion.

Net profit after tax declined by 24.1 per cent, from $2.4 billion in September 2017 to $1.8 billion in September 2018.

Other notable changes for the life insurance industry in the year ending September 2018 included a 63.6 per cent increase in effective movement in net policy liabilities, from $10 billion to $16.3 billion, and a 42.1 per cent rise in investment revenue, from $12.3 billion to $17.5 billion.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].