AMP still top of the insurance heap
Despite its problems in the wake of the Royal Commission, AMP Limited remains Australia’s largest life insurer as measured by investment-linked industry assets.
AMP Limited’s status has been confirmed by the latest Australian Prudential Regulation Authority (APRA) data covering the 12 months ending 31 December, last year. That data also confirmed the company’s status by noting that it was the largest insurer on the basis of non-investment-linked assets.
The APRA Life Insurance Institution-level statistics fond that the five largest life insurers by investment-linked industry assets for the period were AMP Life Limited (57.5 per cent), OnePath Life (28.1 per cent), Westpac Life Insurance (5.2 per cent), Colonial Mutual Life (4.9 per cent) and TAL Life (1.1 per cent).
APRA noted that the top five life insurers represented 96.9 per cent of total investment-linked industry assets.
The five largest life insurers by total non-investment-linked industry assets were AMP Life (32.6 per cent), Challenger Life (15.4 per cent), Colonial Mutual Life (6.3 per cent) MLC Limited (5.4 per cent) and AIA Australia (5.1 per cent).
APRA noted that the top five firms combined accounted for 64.8 per cent of total non-investment-linked industry assets.
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