The Australian Prudential Regulation Authority (APRA) today released the Quarterly Life Insurance Performance Statistics publication for the March 2015 reference period.
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.
Net premium for the industry in the year ended 31 March 2015 was $61.8 billion, up from $50.0 billion in the previous year. Net policy payments for the industry for the same period were $60.8 billion, up from the previous year’s $45.6 billion.
Net profit after tax was $2.6 billion for the year ending 31 March 2015, up from $2.0 billion in the previous year. The March 2015 quarter profit was $830 million compared with the December 2014 quarter profit of $644 million.
The total assets for the industry were $306.5 billion as at 31 March 2015, up from $276.5 billion a year earlier.
The prescribed capital amount coverage ratio for the industry was 1.71 times the prescribed capital amount as at 31 March 2015, down from 1.88 times in the previous year.
Refer to the March 2015 Quarterly Life Insurance Performance Statistics publication.