That’s life – top three dominate
The top three companies operating in the Australian life insurance market now account for 66 per cent of total industry assets backing Australian policyholder liabilities.
That is the bottom line of new data released by the Australian Prudential Regulation Authority (APRA) today, which said the three majors also accounted for 78 per cent of new business premiums and 72 per cent of total premiums received.
It said that in the same context, the top 10 life insurance groups represented 95 per cent of total assets, 97 per cent of new premiums and 95 per cent of total premiums.
The APRA analysis said that foreign-owned life insurance companies accounted for 26 per cent of total life office assets and also accounted for 24 per cent of new business premiums relating to Australian policyholders and 27 per cent of total Australian business premiums.
AUTHOR
Mike Taylor
Recommended for you
An FAAA recommendation to make PY advisers subject to non-compete clauses would place candidates in a “hostage situation” with their employer and potentially deter new entrants, say commentators.
While the profession struggles to keep up with strong consumer demand, a third of people who have passed the ASIC adviser exam aren’t actively practising, so where is this missing third?
Half a year after Count Financial told its advisers to exit several Metrics Credit Partners funds, research house Lonsec has now downgraded two of these products over governance concerns.
As the advice industry evolves with technology, two business consultants have said successful advice firms will be those which focus on delivering an “experience” for their clients, beyond just a transactional service.
