APRA data confirms life company concentration
The degree to which asset ownership in the Australian life insurance industry remains dominated by just five large players has been exemplified by the latest data from the Australian Prudential Regulation Authority (APRA).
The institutional level data, released today, found that the five largest life insurers accounted for nearly 100% of total investment linked industry assets.
It said that the 12 months to December, 2019, the five largest life insurers were AMP Life Limited (80.2%), Westpac Life Insurance Services Limited (7.8%), The Colonial Mutual Life Assurance Society Limited (6.5%), OnePath Life Limited (1.4%, and ClearVew Life Assurance Limited (1.3%).
It said that the top five combined had 97.2% of total investment-linked industry assets.
The APRA data said the five largest life insurers by total non-investment-linked industry assets for financial years ending in the 12 months to December, 2019, were AMP Life Limited (28.4%), Challenger Life Company Limited (17.1%), The Colonial Mutual Life Assurance Society Limited (5.9%), Munich Reinsurance Company of Australasia Limited (5.7%) and AIA Australia Limited (5.4%).
“The top five combined have 62.6% of total non-investment-linked industry assets,” it said.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
