Super still underpins insurance
Superannuation continues to underpin the Australian life insurance industry, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, covering the 12 months to the end of June, 2006, revealed that total life office statutory fund assets backing Australian policyholder liabilities stood at $226.5 billion at the end of June, this year, representing a decrease of 9.9 per cent since June 30, last year.
It said superannuation assets in life office statutory funds were $201.1 billion as at June 30, 2006, representing an increase of 10.8 per cent over the same period in 2005.
“Superannuation assets represent 88.8 per cent of the total assets backing Australian policyholder liabilities in life office statutory funds,” it said.
The APRA data said total superannuation assets over the year to June 30, 2006, increased by 19.8 per cent, and as a result life office superannuation assets as a percentage of total superannuation assets continued to decline, falling from 23.8 per cent to 22 per cent over the same period.
AUTHOR
Mike Taylor
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