Life insurers made an after-tax net profit of about $2.38 billion last year, with Challenger Life the runaway leader on $445 million, according to the Australian Prudential Regulation Authority’s institution-level statistics.

Only four of the 29 APRA-regulated life insurers were in the red: MetLife Insurance ($13 million), Macquarie Life ($3 million), National Mutual Life Association of Australasia ($139 million) and RGA Australia ($10 million).

OnePath, which was sold by ANZ to Zurich last month, made $323 million net profit on total revenue of $4.22 billion. Its net policy revenue was $1.35 billion and net policy expenses were $658 million.

Zurich’s net profit was $43 million and net policy revenue $334 million.

TAL achieved $224 million net profit and $1.82 billion net policy revenue, with net policy expenses at $778 million.

Westpac Life produced net profit of $208 million, net policy revenue of $730 million and net policy expenses of $259 million.

The APRA statistics cover various financial years ending in the 12 months to June 30.