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APRA releases life insurance statistics for 2017/18 financial year

The Australian Prudential Regulation Authority (APRA) has today released its Life Insurance Institution-level Statistics publication for the year ending 30 June 2018.
The publication contains entity-level information on APRA-authorised life insurers’ financial performance, position and capital adequacy. This publication is compiled from audited annual returns submitted to APRA between 1 July 2017 and 30 June 2018.

The five largest life insurers by total industry assets:
 
Rank Life insurer Total assets ($billion) Market share Regulatory capital as a % of requirement
1 AMP Life Limited 107.1 46.3% 272%
2 OnePath Life Limited 41.2 17.8% 163%
3 Challenger Life Company Limited 19.2 8.3% 153%
4 The Colonial Mutual Life Assurance Society Limited 12.5 5.4% 131%
5 Westpac Life Insurance Services Limited 8.9 3.8% 249%
  Top 5 188.9 81.6% n/a
  Total industry 231.6 100.0% n/a


 

Top five life insurers by reported net profit after tax (NPAT):
 
Rank Life insurer Tax paid ($million) NPAT ($million) Share of total
1 AMP Life Limited 674 565 22.5%
2 Challenger Life Company Limited 118  366  14.5%
3 Swiss Re Life & Health Australia Limited 37  262  10.4%
4 Westpac Life Insurance Services Limited 103 217 8.6%
5 TAL Life Limited 85 179 7.1%
  Top 5 1,017 1,588 63.1%
  Total industry 1,724 2,516 100.0%


The June 2018 Life Insurance Institution-level Statistics publication is available on APRA’s website at: https://www.apra.gov.au/publications/life-insurance-institution-level-statistics

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.

Media enquiries

Ben McLean

APRA Media Unit

Phone: 02 9210 3636

All other enquiries

Phone: 1300 558 849