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.
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.