{"id":56044,"date":"2021-06-01T11:41:34","date_gmt":"2021-06-01T01:41:34","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=56044"},"modified":"2024-10-30T08:44:48","modified_gmt":"2024-10-29T22:44:48","slug":"life-insurance-market-ip-profitability-improving","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/06\/01\/life-insurance-market-ip-profitability-improving\/","title":{"rendered":"Life Insurance Market, IP Profitability Improving"},"content":{"rendered":"<p>Profitability within the life insurance industry is improving, <a href=\"https:\/\/www.apra.gov.au\/\" target=\"_blank\" rel=\"noopener\">APRA<\/a> statistics for the 12 months to March 2021 show, with the IP sector reporting a $1.1 billion improvement in\u00a0 comparison to the previous year\u2019s results.<\/p>\n<p>APRA\u2019s <a href=\"https:\/\/www.apra.gov.au\/quarterly-life-insurance-performance-statistics\" target=\"_blank\" rel=\"noopener\"><em>Quarterly Life Insurance Performance Statistics<\/em><\/a> publication for the March 2021 quarter shows the life insurance market &#8220;gradually recovering&#8221; from the economic impacts associated with the pandemic.<\/p>\n<p>The authority says in a statement that the net profit after tax for the industry was $1.0 billion for the year ended March 2021, representing \u201c..a significant improvement from the previous year primarily owing to the improved investment market performance.\u201d<\/p>\n<p>An APRA table shows that for the year ending March 31, 2021, risk products reported a combined net loss after tax of $164.7 million.<\/p>\n<p>\u201cIn particular, Individual Disability Income Insurance (also known as Income Protection Insurance) reported a loss of $331.2 million during the year, which is a $1.1 billion improvement in comparison to the previous year\u2019s result,&#8221; the statement says.<\/p>\n<p>Results for Group Lump Sum and Group Disability Income Insurance have also improved this year.<\/p>\n<figure id=\"attachment_56046\" aria-describedby=\"caption-attachment-56046\" style=\"width: 846px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-56046\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one.png\" alt=\"\" width=\"846\" height=\"499\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one.png 846w, https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one-300x177.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one-768x453.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one-696x411.png 696w, https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/apra-this-one-712x420.png 712w\" sizes=\"auto, (max-width: 846px) 100vw, 846px\" \/><\/a><figcaption id=\"caption-attachment-56046\" class=\"wp-caption-text\">Courtesy of APRA.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/www.apra.gov.au\/quarterly-life-insurance-performance-statistics\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the March 2021<em> Quarterly Life Insurance Performance Statistics<\/em> publication<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Profitability within the life insurance industry is improving, APRA statistics for the 12 months to March 2021 show, with the IP sector reporting a $1.1 billion improvement in\u00a0 comparison to the previous year\u2019s results. APRA\u2019s Quarterly Life Insurance Performance Statistics publication for the March 2021 quarter shows the life insurance market &#8220;gradually recovering&#8221; from the [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":56049,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[],"class_list":["post-56044","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/56044","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=56044"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/56044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/56049"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=56044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=56044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=56044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}