{"id":29683,"date":"2015-05-19T11:12:13","date_gmt":"2015-05-19T01:12:13","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29683"},"modified":"2015-05-20T13:56:32","modified_gmt":"2015-05-20T03:56:32","slug":"industry-records-30-rise-in-profit","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/05\/19\/industry-records-30-rise-in-profit\/","title":{"rendered":"Industry Records 30% Rise in Profit"},"content":{"rendered":"<p><span style=\"line-height: 1.5em\">The Australian life insurance market has shown positive signs of growth, according to the latest figures from the Australian Prudential Regulation Authority.<\/span><\/p>\n<p><!--more-->For the 12 months to 31 March 2015, net profit after tax was $2.6 billion, a 29.7% increase on the previous year\u2019s result. Quarterly profits were also up, at $830 million, compared with the December 2014 quarter profit of $644 million, and March 2014 quarter profit of $691 million.<\/p>\n<p>Individual risk products contributed $289 million to the quarterly risk products net profit result. Group risk net profit after tax for the quarter was $42 million. Risk product revenue for the period was $3.7 billion, made up of $2.3 billion in individual risk and $1.4 billion in group risk. This was offset by expenses of $3.3 billion, to which individual risk products contributed $1.9 billion and group risk $1.3 billion.<\/p>\n<h6>$1.5 billion was paid in acquisition commissions and $2.4 billion in maintenance commissions<\/h6>\n<p>Of the net policy expenses incurred during the 12 months to March 2015, $1.5 billion was paid in acquisition commissions and $2.4 billion in maintenance commissions.<\/p>\n<p>Annuity products achieved a total revenue result of $338 million for the quarter ending 31 March 2015. Products with longevity risk contributed $281 million and annuities without longevity risk added $58 million.<\/p>\n<p>The market paid out $1.8 billion in death and disability claims during the March quarter, taking the annual claims paid figure to $7.2 billion (year ending March 2015).<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian life insurance market has shown positive signs of growth, according to the latest figures from the Australian Prudential Regulation Authority.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,3],"tags":[],"class_list":["post-29683","post","type-post","status-publish","format-standard","category-company-news","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=29683"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29683\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}