POWERED BY MOMENTUM MEDIA
Super underpins life insurance assets
Superannuation continues to underpin life insurance assets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The APRA Life Insurance Market Statistics for December 2006 revealed there were 35 life insurance companies in Australia managing around $244.8 billion in assets and receiving $37.6 billion in premium income.
APRA said superannuation made up 89 per cent of life insurance office assets and accounted for 87 per cent of premiums.
It said the ordinary business of life insurance companies accounted for the remainder of the premiums, with around 21 per cent of all superannuation assets being held in life insurance policies.
AMP continues to dominate the sector, commanding around 29 per cent of the market, followed by National Australia Bank/MLC with 22 per cent, ING/ANZ with 12 per cent, Colonial/CBA with 9 per cent and National Mutual/AXA with 7 per cent.
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(%)
