While risk products returned a net profit for the year to 30 June 2023, individual lump sum and individual DII business reported weaker profits, APRA statistics show.
The authority’s latest Quarterly Life Insurance Performance Statistics show that risk products returned a net profit after tax of $441 million for the year to June 30 2023.
However individual lump sum NPAT saw a loss of $367 million while the NPAT for individual DII for the period was $237.9 million (also see: Individual Risk Products Report Weaker Profits).
This compares with a net profit of $88.1m (individual lump sum) and $1163.7 million (individual DII) in the previous year to June 2022.
Group Lump Sum and Group DII business reported an improvement in performance in the June 2023 year at $420.6 million and $150.1 million respectively.
Overall the life insurance industry reported an increase in net profit after tax to $1.2 billion and a return on net assets of 4.6% for the June 2023 year.
Total revenue increased to $20.5 billion and total expenses increased to $18.8 billion.
