The Australian Prudential Regulation Authority (APRA) today released the first edition of a new half yearly statistical publication on life insurers.
The Half Yearly Life Insurance Bulletin follows the introduction of updated reporting requirements for life insurers from 1 January 2008. This is APRA’s second life insurance statistical publication, in addition to the Quarterly Life Insurance Performance publication.
The half yearly bulletin uses audited annual accounts that correspond to insurers’ own financial years, and provides aggregate annual data on financial performance, financial position and regulatory capital, as well as information on the performance of individual life insurers.
APRA Executive Member Ian Laughlin said the new publication will add significantly to the available data on the life insurance industry.
‘This new life insurance bulletin will provide industry-wide data that all life insurance companies and other interested parties will be able to use to better understand the performance of individual life insurers and the industry as a whole.’
Net premiums for the financial years ended in the 12 months to December 2009 were $25.5 billion for investment-linked business and $14.0 billion for non-investment-linked business. The corresponding net policy payments were $23.4 billion for investment-linked business and $12.8 billion for non-investment-linked business.
The solvency coverage for the industry was 1.91 times the minimum amount required to meet the solvency reserve. Total assets for all life insurers with financial year ends in the year to 31 December 2009 were $230.6 billion.
Copies of the Half Yearly Life Insurance Bulletin publication are available on APRA’s website.