The latest Australian Prudential Regulation Authority (APRA) Life Insurance Institution-level statistics publication has painted a picture of an industry transition – noting that AMP Life was the top-ranked life insurer for the year ending 31 December, last year, accounting for 43.6 per cent of the market.
The APRA data also pointed to ANZ’s OnePath Life being the second-ranked insurer with 18.7 per cent market share with Challenger ranking third with 8.5 per cent and the Commonwealth Bank’s Colonial Mutual Life entity ranking fourth with a 5.5 per cent market share.
What the APRA data did not note was that AMP almost a year ago sold its life insurance business to Resolution Life, albeit that the transaction is still on foot with the company’s departing Chief Financial Officer, Gordon Lefevre staying on to oversee a separation which was proving “difficult and complex”.
Similarly, the APRA analysis did not note OnePath Life is now part of the Zurich stable, with the transaction completing in early June, giving Zurich around 20 per cent market share. Also, not specifically noted was that the Commonwealth Bank’s CommInsure is still in the process of being sold to AIA Australia.
Where profitability was concerned, the APRA data ranked Challenger Life in first place, followed by Westpac Life, then TAL, then Commbank’s Colonial Mutual Life, followed by Suncorp Life and Superannuation Limited.
The APRA report did not note that Suncorp Life had subsequently been acquired by TAL with the transaction completing in May.