AMP had gross policy liabilities of $76.6 billion at June 30, according to data from the Australian Prudential Regulation Authority (APRA).

Policy liability covers the liabilities in the life insurance contract including both estimated and actual profits.

Rival MLC had gross policy liabilities of $68.7 billion at the same date, while OnePath recorded $32.4 billion.

Major life insurers’ total assets remained strong, with AMP reporting $85.8 billion at June 30, MLC on $68.7 billion and OnePath $35.4 billion.

The insurer with the least gross policy liabilities was QBE Life, with $15 million. It also had the least assets, at $37 million.

The APRA figures also give an insight into smaller life insurers’ performance.

Hannover Life was the most profitable of these, posting a $38 million profit last financial year. Its net policy revenue was $388 million.

Zurich Life reported an after-tax profit of $35 million, based on net policy revenue of $206 million.

AIA Australia had the largest net policy revenue of the smaller insurers – $887 million for the financial year – and recorded an after-tax profit of $23 million.

Macquarie Life reported net policy revenue of $120 million, delivering an after-tax profit of $26 million.

ClearView reported $66 million of net policy revenue and a $19 million after-tax profit. It generated more revenue from its investments – $128 million.

Zurich also boasted strong investment revenue, reporting $353 million for the year. AIA and Macquarie earned $113 million and $101 million of investment revenue respectively.