APRA says the overall performance of the life insurance industry is on the up.
The prudential regulator released its statistics for the June 2021 quarter, which shows that total revenue is up 36.2 per cent from June 2020 to a total of $21.7 billion.
“The overall performance of the life insurance industry is improving,” APRA said in a statement released this week.
“The net profit after tax for the industry was $1.0 billion for the year ended June 2021, a significant improvement from the previous year primarily owing to the improved investment market performance.”
For the quarter, total revenue increased by 176.9 per cent to 7.3 billion, while total assets jumped up by 2.5 per cent to $132.7 billion.
However despite this, risk products still reported a combined net loss after tax of $18.8 million.
“In particular, individual disability income insurance reported a loss of $345.5 million during the year, which is a $0.9 billion improvement in comparison to the previous year’s result,” APRA said.
“Results for group lump sum and group disability income insurance remain negative [down $70.6 million and $5.9 million respectively] but have also improved this year.”
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