Challenger Life Company made $264 million in net profit last year, making it the best performing life (re)insurer, according to annual data from the Australian Prudential Regulation Authority (APRA) for financial years ended in the 12 months to December. 

Resolution Life Australasia – which became a major player after acquiring AMP’s life business in 2020 – placed second with a net profit of $223 million. 

The APRA institution-level statistics of 26 life insurers and reinsurers showed they posted combined net profit of about $311 million, a calculation by insuranceNEWS.com.au found. 

Not every business was in the black. Munich Re lost $140 million and RGA Reinsurance Company of Australia $98 million. 

Here are the selected results of life insurers (in alphabetical order): 

AIA Australia – net profit $4 million, net policy revenue $1.7 billion and net policy expenses $1.11 billion 

Allianz Australia Life Insurance – net loss $3 million, net policy revenue $36 million and net policy expenses $11 million 

Asteron Life & Superannuation – net profit $39 million, net policy revenue $247 million and net policy expenses $89 million 

Challenger Life Company – net profit $264 million, net policy revenue $1.12 billion and net policy expenses $957 million 

ClearView Life Assurance – net profit $18 million, net policy revenue $184 million and net policy expenses $45 million 

MetLife Insurance – net profit $14 million, net policy revenue $802 million and net policy expenses $373 million 

MLC – net profit $103 million, net policy revenue $1.4 billion and net policy expenses $875 million 

TAL – net profit $158 million, net policy revenue $2.37 billion and net policy expenses $1.13 billion 

Zurich Australia – net profit $119 million, net policy revenue $1.14 billion and net policy expenses $405 million