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APRA releases life insurance statistics for December 2018

Wednesday 19 June 2019

 

The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Institution-level Statistics publication for the year ending 31 December 2018.
 
The publication contains entity-level information on APRA-authorised life insurers’ financial performance, position and capital adequacy. It is compiled from audited annual returns submitted to APRA between 1 January 2018 and 31 December 2018.
 
The five largest life insurers by total industry assets:
 
Rank Life insurer Total assets ($billion) Market share Regulatory capital as a % of requirement
1 AMP Life Limited 98 43.6% 220%
2 OnePath Life Limited 42 18.7% 141%
3 Challenger Life Company Limited 19 8.5% 153%
4 The Colonial Mutual Life Assurance Society Limited 13 5.5% 131%
5 Westpac Life Insurance Services Limited 10 4.2% 234%
  Top 5 185 80.6% n/a
  Total Industry 226 100.0% n/a
Top five life insurers by reported net profit after tax (NPAT):
Rank Life insurer Tax paid ($million) NPAT ($million) Share of total
1 Challenger Life Company Limited 118 366 39.6%
2 Westpac Life Insurance Services Limited 119 198 21.4%
3 TAL Life Limited 85 179 19.3%
4 The Colonial Mutual Life Assurance Society Limited 107 154 16.7%
5 Suncorp Life & Superannuation Limited 65 100 10.8%
  Top 5 494 996 107.8%
  Total Industry 548 924 100.0%
The December 2018 Life Insurance Institution-level Statistics publication is available on APRA’s website here
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.