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APRA releases Annual Friendly Society Bulletin for June 2014

Wednesday 17 December 2014

 

14.31

The Australian Prudential Regulation Authority (APRA) today released the Annual Friendly Society Bulletin publication for the June 2014 reference period.

The Annual Friendly Society Bulletin publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios for a 12-month reference period. The publication also contains a range of data items for each individual entity, including profit and loss, balance sheet and capital information.

Net premium for the industry in the year ended 30 June 2014 was $722.3 million, up from $594.9 million in the previous year. Net policy payments for the industry for the same period were $770.4 million, down from $784.9 million in the previous year.

Investment income was $247.5 million, down from $267.6 million in the previous year. Non premium related management fees were $21.8 million, down from $24.6 million. Reported net profit after tax for the industry was $17.8 million, down from $23.9 million in the previous year.

The total assets for the industry were $6,605.4 million as at 30 June 2014, up from $6,293.0 million a year earlier.

Aggregate industry capital coverage was 2.50 times the prescribed capital amount as at 30 June 2014, up from 2.29 times in the previous year.

Refer to the June 2014 Annual Friendly Society Bulletin publication.
 

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.