POWERED BY MOMENTUM MEDIA
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
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
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
