Net profit after tax for the entire life insurance sector fell away by more than $500 million in the year to the end of March 2017, according to data released by the Australian Prudential Regulation Authority (APRA).<\/p>\n
<\/p>\n
In its March report, APRA stated that net profit after tax (NPAT) had declined from $2.9 billion at March 2016 to $2.4 billion a year later, as premium income grew from $16.4 billion to $18.2 billion over the same period. Claims, however, also rose during that time going from $7.7 billion to $9 billion.<\/p>\n
In the specific risk product categories, NPAT\u00a0was $394 million for the March 2017 quarter and $688 million\u00a0for the year ending 31 March 2017.<\/p>\n
Individual Lump Sum Risk products contributed $255 million to the total net profit after tax figure for the March quarter and $771 million for the year, which was still lower than the year ending March 2016, which recorded a NPAT of $1.05 billion.<\/p>\n
In the specific risk product categories, total net profit after tax was $394 million for the March 2017 quarter while the net profit after tax for the year ending 31 March 2017 was $688 million.<\/p>\n
Individual Lump Sum Risk products contributed $255 million to the total NPAT figure for the March quarter and $771 million for the year, which was still lower than the year ending March 2016, which recorded a NPAT of $1.05 billion for this product category.<\/p>\n
Individual Disability Income Insurance products continued a downward run recording a $20 million loss in NPAT for the March 2017 quarter and a $427 million loss for the year, which was a marked decline compared to the $19 million loss recorded for the whole previous year.<\/p>\n
Group Lump Sum Risk products contributing $63 million to NPAT for the quarter and $265 million for the year, down $121 million over the year from March 2016.<\/p>\n
Group Disability Income Insurance bucked the downward trend and contributed $96 million to total NPAT for the March 2017 quarter and $79 million for the year, up from the $21 million recorded for the previous year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Net profit after tax for the entire life insurance sector fell away by more than $500 million in the year to the end of March 2017, according to data released by the Australian Prudential Regulation Authority (APRA).<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[],"class_list":["post-37206","post","type-post","status-publish","format-standard","category-general","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37206","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=37206"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37206\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}