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Life no imitation of market
The Australian life insurance sector is holding up despite the general market turmoil, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The financial performance data for the six months to September 2008 appears to reflect the declining fortunes of the financial services industry before it hit the really negative month of November.
The data revealed that the net profit after tax for the total industry was $1.058 billion but also pointed to the fact that, on an investment-linked basis, net investment revenue was substantially down $9.74 billion, largely driven by the September quarter, where revenue was down $6.41 billion compared to $3.32 billion in the June quarter.
The APRA data showed that total assets in the industry were $321.9 billion, which represented a 2.3 per cent decline.
It said this was mainly due to a reduction in equity securities, which fell to $112.6 billion, which was offset by the movement in gross policy liabilities, which reduced 3.1 per cent.
AUTHOR
Mike Taylor
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