AMP is the most profitable life insurer, with an after-tax net profit of $565 million last year, followed by Challenger on $445 million, according to Australian Prudential Regulation Authority (APRA) data.

Only two of the 29 APRA-regulated life insurers were in the red, with Munich Re making a $35 million loss and Macquarie Life recording a $3 million deficit.

The industry recorded a combined $2.56 billion net profit last year.

AMP, which is under scrutiny for alleged misconduct, had about $1.66 billion in net policy revenue, $1.81 billion in net policy expenses and $9.43 billion in investment revenue.

Challenger recorded $1.63 billion in net policy revenue, $345 million in net policy expenses and $1.1 billion in investment revenue. ANZ-owned OnePath earned $156 million in net profit, AIA made $82 million and TAL $224 million.

The APRA statistics cover various financial years ending during last calendar year.