The Australian Prudential Regulation Authority (APRA) has released the first edition of a new publication on Australia’s life insurance companies.
The new Half Yearly Life Insurance 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
- 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.”
Highlights from this first report, released on 14 July 2010, for the financial years completed in the twelve months to 31 December 2009, include:
- Net premiums totalled $38.777 billion
- Of net premiums, $25.490 billion were generated by investment linked funds and $14.048 billion by non investment linked funds
- Net profit after tax was $1.985 billion ($1.364 billion for non investment linked funds and $497 million for investment linked funds)
For risk products:
- Net profit after tax for risk products was $1.126 billion
- Total revenue was $8.138 billion
- Total expenses were $6.587 billion
This data relates to information collected by APRA from 32 registered life insurance companies in Australia, including reinsurers and specialist insurers to sectors such as health insurance, consumer credit and credit unions. They are:
- AIA Australia Limited
- Allianz Australia Life Insurance Limited
- AMP Life Limited
- Asteron Life Limited
- BT Life Limited
- Challenger Life Company Limited
- ClearView Life Assurance Limited
- Combined Life Insurance Company of Australia Ltd
- Cuna Mutual Life Australia Limited
- General Reinsurance Life Australia Ltd
- GLOBAL Life Reinsurance Company of Australia Pty. Limited
- Hallmark Life Insurance Company Ltd
- Hannover Life Re of Australasia Ltd
- HCF Life Insurance Company Pty Ltd
- ING Life Limited
- IOOF Life Ltd
- Macquarie Life Limited
- MetLife Insurance Limited
- MLC Lifetime Company Limited
- MLC Limited
- Munich Reinsurance Company of Australasia Limited
- Norwich Union Life Australia Ltd
- RGA Reinsurance Company of Australia Limited
- St Andrew’s Life Insurance Pty Ltd
- St. George Life Limited
- Suncorp Life & Superannuation Limited
- Swiss Re Life & Health Australia Limited
- The Colonial Mutual Life Assurance Society Limited
- The National Mutual Life Association of Australasia Limited
- Tower Australia Limited
- Westpac Life Insurance Services Limited
- Zurich Australia Limited
Click here to access a copy of the first edition of APRA’s Half Yearly Life Insurance Bulletin.
