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Life profits in decline
Life insurance may have become the flavour of the month for some planners, but the latest Australian Prudential Regulation Authority (APRA) has revealed a 43.9 per cent decline in net profit after tax for the total industry in the December quarter.
The APRA data revealed that in terms of financial performance for the nine months to December last year, net profit after tax for the total industry had been $1,308 million.
The data showed that total assets in the industry as at December 31 stood at $213.9 billion, which compared with $231.9 billion at September 30 and $237.3 billion at June 30.
It said the decrease in total assets was mainly due to a reduction in equity securities, which fell to $94.6 billion.
However, the APRA analysis said the reduction in equity securities for the industry had been offset by the movement in gross policy liabilities, which reduced to $185.5 billion at December 31.
AUTHOR
Mike Taylor
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