Life policy revenue up 11.5% in Sept quarter

Net policy revenue in the Australian life insurance industry grew 11.5 per cent year over year to $17.9 billion in the September quarter, according to the latest figures from the Australian Prudential and Regulation Authority (APRA).

Investment revenue in the industry grew 42.1 per cent to $17.5 billion, APRA said, while total revenue grew 25.4 per cent to $39.6 billion.

The industry as a whole recorded a net profit for the quarter of $1.8 billion, a fall of 24.1 per cent from the same quarter in the prior year.

Related News:

The APRA figures showed that disability insurance is still acting as a drag on the industry, with net profit for individual disability income insurance down $172.9 million in the quarter.

For the life industry as a whole for the year to 30 September, return on net assets were down 2.3 percentage points to 7.1 per cent, the prudential regulator said.

Related Content

What does best interests really mean for disability insurance?

The insurance industry may have misinterpreted the best interest duty applying to financial advisers with respect to making disability insurance produ...Read more

New APRA data validates life/risk advisers

New insurance claims data released by the Australian Prudential Regulation Authority (APRA) appears to have validated the role of life/risk advisers.T...Read more

Budget delivers on ASIC and APRA funding

The Government confirmed its pre-Budget announcements on increased funding to both the Australian Securities and Investments Commission (ASIC) and the...Read more


Add new comment