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APRA releases life insurance statistics for March 2016

Tuesday 17 May 2016

The Australian Prudential Regulation Authority (APRA) today released its Quarterly Life Insurance Performance Statistics publication for the March 2016 quarter.

The Quarterly Life Insurance Performance Statistics publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios in a time series.

Key performance statistics for the life insurance industry in the year ended 31 March 2016:

  March 2015 March 2016 Change
Net policy revenue $15.1 billion $15.7 billion +4.0%
Net policy revenue recognised as a deposit $45.2 billion $40.9 billion -9.5%
Net policy expenses $7.8 billion $8.1 billion +3.8%
Net policy expenses recognised as a withdrawal $53.1 billion $46.5 billion -12.4%
Net profit after tax $2.6 billion $3.0 billion +16.9%
Total assets $306.5 billion $293.3 billion -4.3%

Key ratios for the life insurance industry in the year ended 31 March 2016:

  March 2015 March 2016 Change
Return on net assets 11.4% 12.6% +1.3pp
Prescribed capital amount coverage ratio 1.71x 1.86x +0.15x

Refer to the March 2016 Quarterly Life Insurance Performance Statistics publication.

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.

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 $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.