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APRA releases life insurance statistics for March 2019

Wednesday 29 May 2019

 

The Australian Prudential Regulation Authority (APRA) has released its Quarterly Life Insurance Performance Statistics publication for the March 2019 quarter.

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

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

 
March 2018
March 2019
Change
Net policy revenue
$17.3 billion
$17.4 billion
+0.3%
Investment revenue
$12.3 billion
$15.4 billion
+25.3%
Total revenue
$33.1 billion
$36.7 billion
+10.9%
Net policy expenses
$9.8 billion
$10.2 billion
+3.9%
Operating expenses
$8.8 billion    
$9.5 billion    
+6.9%
Effective movement in net policy liabilities
$10.8 billion
$14.6 billion
+35.5%
Total expenses
$29.6 billion
$34.8 billion
+17.5%
Net profit after tax
$2.2 billion
$0.8 billion
-65.1%
Total assets
$230.1 billion
$231.9 billion
+0.8%
Risk product net profit after tax for the life insurance industry in the year ended 31 March:
 
March 2018
March 2019
Change
Individual lump sum
$1,085.2 million
$654.3 million
$333.6 million
Individual disability income insurance
-$145.8 million
-$782.0 million
-$219.1 million
Group lump sum
$247.7 million
$100.0 million
$59.5 million
Group disability income insurance
$120.3 million
-$66.2 million
-$50.3 million
 
Key ratios for the life insurance industry in the year ended 31 March:
 
March 2018
March 2019
Change
Return on net assets
8.7%
3.0%
-5.7 percentage points
Prescribed capital amount coverage ratio
1.87x
1.79x
-0.08x
Please refer to the ‘highlights’ section in the Quarterly Life Insurance Performance Statistics publication for an analysis of material movements in the key performance statistics.
The March 2019 Quarterly Life Insurance Performance Statistics publication is available on the 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.