Life insurance profits for the quarter ending 30 September 2011 were down significantly on the previous period, according to market statistics released this week.
The Australian Prudential Regulation Authority (APRA) Quarterly Life Statistics report found that net profit (after tax) for the September quarter was down 37.8% on the June quarter. Year to date profit for the twelve months to 30 September ($2,535 million) was also down by 12.3% when compared with the 2010 figures.
Total revenue for the September quarter was in the red, with the negative $4,353 million figure well down when compared to the June quarter revenue of $2,121 million. Total revenue for the year was $15,425 million, compared with just over $23 million in the previous year.
Individual risk products contributed $327 million profit to the industry during the September quarter, while group risk products achieved a profit of $54 million in the same period.
