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Super underpins life
Superannuation assets continue to be the mainstay of the Australian life insurance industry, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
Superannuation business accounted for $7.8 billion in premiums for the December quarter.
APRA’s Life Insurance Trends data revealed superannuation assets (backing Australian policyholder liabilities) in life office statutory funds were $195.2 billion at December 31, last year — a 3.5 per cent increase since September 30, last year, and a 10.5 per cent increase over the same period in 2004.
According to APRA, these assets have continued to trend upwards and now represent 88.6 per cent of the total assets backing Australian policyholder liabilities in life statutory funds.
It said total superannuation assets over the 12 months to December 31, 2005, increased by 19.1 per cent, and as a result , life office superannuation assets as a percentage of total superannuation assets had continued to decline, falling from 24.9 per cent to 23.1 per cent over the same period.
AUTHOR
Mike Taylor
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