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Super assets underpin life insurance
Superannuation assets continue to be a cornerstone of the Australian life insurance sector, accounting for $204.2 billion at the end of September, last year, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data showed superannuation assets represented 88.9 per cent of the total assets backing Australian policyholder liabilities in life office statutory funds.
However, the data also showed that while superannuation assets had increased by 16.6 per cent over the year to the end of September, this had resulted in life office superannuation assets as a percentage of total superannuation assets declining from 23.3 per cent to 21.6 per cent.
The APRA data showed superannuation business accounted for $8 billion in premiums for the quarter, a decrease of 26.3 per cent on the June quarter, but still an increase of 14.6 per cent on the same period in 2005.
It said that for the year to September 30, 2006, superannuation premiums amounted to $34.2 billion — an increase of 8.5 per cent.
It said superannuation business in life offices remained strong and, as a percentage of life office premiums relating to Australian policyholders, represented 86.3 per cent for the quarter and 87.9 per cent for the year ended September 30, 2006.
AUTHOR
Mike Taylor
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