Profitability in the Australian life insurance industry has taken a major hit, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, released this week, revealed that the net profit after tax for the total industry had declined 46.2 per cent in the March quarter and was down 71.6 per cent when compared to the September quarter of last year.
The regulator said the total assets for the industry stood at $205.8 billion at March 31, down from $213.7 billion as at December 31 last year, and $231.9 billion at September 30 last year.
It said the decrease in total assets was mainly due to a reduction of the market values of equity securities, which fell $89.1 billion.
