{"id":47381,"date":"2019-11-28T15:52:26","date_gmt":"2019-11-28T04:52:26","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=47381"},"modified":"2019-12-04T06:24:40","modified_gmt":"2019-12-03T19:24:40","slug":"decline-in-life-insurance-industry-performance-continues","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/11\/28\/decline-in-life-insurance-industry-performance-continues\/","title":{"rendered":"Decline in Life Insurance Industry Performance Continues"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Australia\u2019s life insurance industry\u2019s performance continues to decline, according to the Australian Prudential Regulation Authority\u2019s latest Quarterly Life Insurance Performance Statistics publication for the September 2019 quarter.<\/span><\/p>\n<p><!--more--><\/p>\n<p class=\"p1\"><span class=\"s1\">Industry net profit after tax (NPAT) was $0.2 billion for the year to September 2019, a significant reduction from $1.8 billion for the year to September 2018.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The report stated the persistent decline is primarily caused by poor performance of risk business with figures showing risk products recorded a combined loss of $105 million for the September 2019 quarter.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">For the 12 months to September 2019, risk products reported a combined after-tax loss of $417 million, a significant reduction from the $654 million profit for the previous 12 months. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The report stated that apart from Individual Lump Sum which remained largely the same pre-tax, all other risk products deteriorated, particularly Individual Disability Income Insurance, primarily driven by a significant reduction in discount rates and a recognition of persistent adverse claims experience.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Results by product included:<\/span><\/p>\n<ul>\n<li class=\"p1\"><span class=\"s1\">Individual Lump Sum $238 million profit<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Group Lump Sum $45 million loss<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Group Disability Income Insurance (DII) $67 million loss<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Individual DII $231 million loss<\/span><\/li>\n<\/ul>\n<figure id=\"attachment_47382\" aria-describedby=\"caption-attachment-47382\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/Screen-Shot-2019-12-02-at-5.41.55-pm.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-47382 size-large\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/Screen-Shot-2019-12-02-at-5.41.55-pm-1024x500.png\" alt=\"\" width=\"1024\" height=\"500\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/Screen-Shot-2019-12-02-at-5.41.55-pm-1024x500.png 1024w, https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/Screen-Shot-2019-12-02-at-5.41.55-pm-300x147.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/Screen-Shot-2019-12-02-at-5.41.55-pm-768x375.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/Screen-Shot-2019-12-02-at-5.41.55-pm.png 1146w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption id=\"caption-attachment-47382\" class=\"wp-caption-text\">Source: APRA<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/www.apra.gov.au\/publications\/quarterly-life-insurance-performance-statistics\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the September 2019 Quarterly Life Insurance Performance Statistics publication.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia\u2019s life insurance industry\u2019s performance continues to decline, according to the Australian Prudential Regulation Authority\u2019s latest Quarterly Life Insurance Performance Statistics publication for the September 2019 quarter.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[],"class_list":{"0":"post-47381","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general","7":"category-products"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47381","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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=47381"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47381\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=47381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=47381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=47381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}