APRA reveals September life industry figures
The prudential regulator has released its quarterly life insurance industry performance figures for the September 2018 quarter, including a $172.9 million loss in the individual disability income insurance product.
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.
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