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APRA releases life insurance statistics for 2017/18 financial year

Tuesday 18 December 2018

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

Statistics

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Contact Ben McLean, APRA Media Unit, on +61 2 9210 3024

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For more information contact APRA on 1300 558 849.