APRA’s quarterly life insurance industry performance figures for the September 2018 quarter show a $172.9 million loss in the individual disability income insurance product.
According to APRA, the industry net loss in individual disability income insurance for the September quarter was $173 million, while for the year ending September 2018 it was at $275.7 million. The loss is slightly lower than last year, when it was at $294.2 million.
As for the performance of individual lump sum risk, the product recorded a net profit after tax of $88.5 million for the September quarter.
It recorded a $749.4 million profit for the year ending September 2018, lower than the $800.9 million recorded for the year ending September 2017.
Net policy revenue rose 11.5 per cent in the year ending September 2018, from $16 billion in September 2017 to $17.9 billion.
Net profit after tax declined by 24.1 per cent, from $2.4 billion in September 2017 to $1.8 billion in September 2018.
Other notable changes for the life insurance industry in the year ending September 2018 included a 63.6 per cent increase in effective movement in net policy liabilities, from $10 billion to $16.3 billion, and a 42.1 per cent rise in investment revenue, from $12.3 billion to $17.5 billion.
The corporate regulator has confirmed orders from the Federal Court of Australia that Endeavour Securities and Linchpin Capital Group are in...
APRA has pledged to up its scrutiny of how banks, insurers and superannuation trustees are managing the financial risks of climate change to...
The corporate regulator will have more powers to hold financial services industries to account for misconduct under a new government proposa...