The Australian Prudential Regulation Authority (APRA) today released the Quarterly Life Insurance Performance Statistics publication for the December 2014 reference period. This publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios in a time series.
Net premium for the industry in the year ended 31 December 2014 was $62.3 billion, up from $47.4 billion in the previous year. Net policy payments for the industry for the same period were $61.2 billion, up from $44.4 billion in the previous year.
Net profit after tax was $2.5 billion for the year ending 31 December 2014, up from $2.0 billion in the previous year. The December 2014 quarter profit was $711 million compared with the September 2014 quarter profit of $527 million.
The total assets for the industry were $291.1 billion as at 31 December 2014, up from $273.9 billion in the previous year.
The prescribed capital amount coverage ratio for the industry was 1.81 times the prescribed capital amount as at 31 December 2014, down from 1.87 times in the previous year.
Copies of the December 2014 Quarterly Life Insurance Performance Statistics publication are available on the APRA website at:
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the Australian financial services industry. It oversees Australia’s banks, credit unions, building societies, life and general insurance companies and reinsurance companies, friendly societies and most of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding $4.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.
Media and industry enquiries only:
APRA Media Unit
Telephone: 02 9210 3636
All other inquiries:
APRAinfo: 1300 55 88 49