Data portrays static life sector
Financial planners may have embraced life/risk as a valuable revenue stream in recent times but that was not necessarily reflected in the life/risk sector's underlying statistics.
The latest data released by the Australian Prudential Regulation Authority (APRA) for the 12 months to 30 June, 2012, has revealed an industry not noticeably changed from the prior reporting period, with net premiums almost static at $43.4 billion and net policy payments largely unchanged at $41.7 billion.
However the APRA data noted that industry revenue was $15.9 billion, down from $16.7 billion; and that net profit after tax was $2.5 billion, down from $2.8 billion.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
