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Disability insurance continues to drag
Disability insurance continues to be a problem area for Australia's major group insurers, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The APRA data, the September Quarterly Life Insurance Performance statistics, revealed that while the life insurance sector remained in comparatively good health, disability income insurance continued to act as a drag across both the individual and group segments.
The data show that net profit after tax for risk products was $179 million in the September quarter, with individual lump sum risk contributing $231 million, but with individual disability income insurance actually in negative territory to the tune of $143 million.
The same picture emerged in the group arena, with group lump sum risk contributing $80 million and group disability income insurance contribution $11 million.
In annualised terms, the APRA data show that in the year to 30 September, net profit after tax was $961 million, with individual lump sum risk contributing $1.2 billion, but individual disability income insurance in negative territory to the tune of $500 million.
It said group lump sum risk contributed $343 million and group disability income insurance was negative $33 million.
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