Net profit after tax was $2 billion for the 12 months leading to March 2014, indicating a 34.7 per cent decline from the $3 billion profit recorded the previous year, according to the APRA Quarterly Life Insurance Performance Statistics.
The $672 million profit for the March quarter increased from the December quarter profit of $479 million but was down from the $723 million profit for March 2013.
Risk products generated a net profit of $243 million, non-participating business produced a net profit of $185 million and participating business profit was $61 million.
Total revenue for the industry was $42.5 billion, up slightly from the previous year’s revenue of $40.3 billion.
The March 2014 quarter revenue was $6.8 billion compared to the December 2013 revenue of $12.6 billion and the March 2013 quarter revenue of $13 billion.
Revenue for the 12 months consists mainly of investment revenue, which accounts for $25.9 billion with $10.1 billion in investment income and $15.8 billion in realised/unrealised gains.
Total assets for the industry increased 1.1 per cent from $273.9 million in December last year to 276.8 billion for the March quarter.
Assets were also up 9.4 per cent from $252.9 billion in the March 2013 quarter.
