The life insurance industry continued to struggle on a number of fronts during the September, quarter according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, released today, revealed that net profit after tax was negative -$70 million in the quarter, with Individual Lump Sum risk products contributing $88 million, Group Lump Sum $7 million, Group Disability Income Insurance $7 million and Individual Disability Income Insurance -$173 million.
The data show that in the 12 months to 30 September 2018, net profit after tax was $653 million, with Individual Lump Sum Risk products contributing $749 million, Group Lump Sum Risk products $109 million, Group Disability Income Insurance $70million and Individual Disability Income Insurance minus $276 million.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
The peak body for the superannuation industry says that intra-fund advice should be widened to cover the transition to retirement.
The industry super fund has announced a change to the way it delivers education services and support to members and employers.
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