{"id":57249,"date":"2021-08-30T12:02:06","date_gmt":"2021-08-30T02:02:06","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=57249"},"modified":"2024-10-30T08:44:45","modified_gmt":"2024-10-29T22:44:45","slug":"life-industry-performance-continues-to-improve","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/08\/30\/life-industry-performance-continues-to-improve\/","title":{"rendered":"Life Industry Performance Continues to Improve"},"content":{"rendered":"

The overall performance of the life insurance industry is improving, APRA\u2019s Quarterly Life Insurance Performance Statistics <\/a>for the year to June 2021 show.<\/p>\n

A statement from the authority says the net profit after tax for the industry was $1 billion for the year ended June 2021, “a significant improvement from the previous year” (-$1.7 billion) which APRA says is \u201cprimarily owing to the improved investment market performance.\u201d (See: Life Insurance Market, IP Profitability Improving.<\/a>)<\/p>\n

However APRA says that although performance has improved for the 12 months ended June 2021, risk products still reported a combined net loss after tax of $18.8 million (-1,461 million for the June 2020 year).<\/p>\n

It says that in particular, Individual Disability Income Insurance, also known as Income Protection Insurance reported a loss of $345.5 million during the year, “…which is a $0.9 billion improvement in comparison to the previous year\u2019s result.”<\/p>\n

Net profit after tax for Individual Lump Sum sat at $403.1 million for the June 2021 year compared with $429.1 million a year earlier.<\/p>\n

APRA says that results for Group Lump Sum and Group Disability Income Insurance remain negative but have also improved this year.<\/p>\n

\"\"<\/a>
Net profit after tax by product for the year ending 30 June. Courtesy of APRA.<\/figcaption><\/figure>\n

Click here<\/a> for APRA’s Quarterly Life Insurance Performance Statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The overall performance of the life insurance industry is improving, APRA\u2019s Quarterly Life Insurance Performance Statistics for the year to June 2021 show. A statement from the authority says the net profit after tax for the industry was $1 billion for the year ended June 2021, “a significant improvement from the previous year” (-$1.7 billion) […]<\/p>\n","protected":false},"author":24,"featured_media":57254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[],"class_list":["post-57249","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\/57249","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=57249"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/57249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/57254"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=57249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=57249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=57249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}