{"id":63630,"date":"2022-11-28T13:07:44","date_gmt":"2022-11-28T03:07:44","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=63630"},"modified":"2025-03-14T12:02:25","modified_gmt":"2025-03-14T01:02:25","slug":"apra-releases-life-insurance-statistics-for-september-2022","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/11\/28\/apra-releases-life-insurance-statistics-for-september-2022\/","title":{"rendered":"IP Profits Continue to Soar &#8211; APRA"},"content":{"rendered":"<div class=\"header row\">\n<div class=\"intro\">\n<h3>The continuing strong sales growth reported by APRA in the retail IP market has captured the attention of Riskinfo readers and is our Story of the Week&#8230;<\/h3>\n<\/div>\n<\/div>\n<p>Latest APRA data reveals Individual Disability Income Insurance profits continue to significantly outperform all other risk product sectors.<\/p>\n<p>The corporate regulator&#8217;s <a href=\"https:\/\/www.apra.gov.au\/sites\/default\/files\/2022-11\/Quarterly%20life%20insurance%20performance%20statistics%20highlights%20September%202022.pdf\" target=\"_blank\" rel=\"noopener\">life insurance performance statistics for the September 2022 quarter<\/a>, released late last week, report an improved result for the sector for the year ended 30 September 2022, recording an overall profit of $977 million compared to the September 2021 profit of $435.7 million.<\/p>\n<p>This result, however, was predominantly driven by an approximate $1.1 billion profit recorded by Individual Disability Income Insurance, which APRA notes can be attributed to:<\/p>\n<ul>\n<li>Repricing activities<\/li>\n<li>Reserve releases as a result of increases in bond yields over the past 12 months<\/li>\n<\/ul>\n<p>The September 2022 report also revealed a loss of $207 million for individual lump sum insurance products. This represents a decline in performance compared to the previous year, with APRA noting this is the only risk product segment (across individual and group sectors) to report a loss, which it says can be attributed to an increase in net policy expenses:<\/p>\n<figure id=\"attachment_63639\" aria-describedby=\"caption-attachment-63639\" style=\"width: 786px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-63639\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data.png\" alt=\"\" width=\"786\" height=\"529\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data.png 786w, https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data-300x202.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data-768x517.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data-696x468.png 696w, https:\/\/riskinfo.com.au\/news\/files\/2022\/11\/221128-APRA-Data-624x420.png 624w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" \/><\/a><figcaption id=\"caption-attachment-63639\" class=\"wp-caption-text\">Source: APRA Quarterly Life insurance performance statistics &#8211; highlights September 2022. IP profits significant, while individual lump products experienced an overall loss due to net policy expenses<\/figcaption><\/figure>\n<p>The year ended June 2021 was the last time APRA reported a 12-month loss for individual IP products ($-345.5m), which was followed by a progressive trend in profitability as follows:<\/p>\n<ul>\n<li>Y\/E June 2021: $345.5m loss<\/li>\n<li>Y\/E September 2021: $124m profit<\/li>\n<li>Y\/E December 2021: $546m profit<\/li>\n<li>Y\/E March 2022: $723m profit<\/li>\n<li>Y\/E June 2022: $1.15 billion profit<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.apra.gov.au\/sites\/default\/files\/2022-11\/Quarterly%20life%20insurance%20performance%20statistics%20highlights%20September%202022.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to access APRA&#8217;s highlights report for its Quarterly life insurance performance statistics for September 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The continuing strong sales growth reported by APRA in the retail IP market has captured the attention of Riskinfo readers and is our Story of the Week&#8230; Latest APRA data reveals Individual Disability Income Insurance profits continue to significantly outperform all other risk product sectors. The corporate regulator&#8217;s life insurance performance statistics for the September [&hellip;]<\/p>\n","protected":false},"author":3520,"featured_media":63640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8282,4,8291],"tags":[],"class_list":["post-63630","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-government","category-products","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/63630","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\/3520"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=63630"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/63630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/63640"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=63630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=63630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=63630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}