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
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
