Life data reflects market volatility
The Australian life insurance industry remained in good shape last year, but appeared to suffer from the same volatility and uncertainty which affected broader investment markets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The APRA data, released last week, revealed industry revenue for the 12 months to December, last year, was significantly down from the previous 12-month period.
It said industry revenue for the 12 months totaled $16,835 million, down from $22,514 million for the 12 months to the end of June 2011.
As well, it said total assets had fallen from $235,097 million in the period to the end of June last year, to $229,576 million.
The APRA data reported that net premiums were up from $38,422 million to $43,347 million.
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The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
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