The life industry reported lower earnings in the June quarter, according to Australian Prudential Regulation Authority data released today.

It recorded an insurance service profit of $457 million, compared with $579 million in the preceding quarter and $38 million in the December quarter.

In APRA’s enhanced statistics publications, the insurance service result is the metric for underwriting performance.

After-tax profit from continuing operations slumped to $116 million from $628 million in the March quarter, but it remained an improvement on the $443 million loss in the December quarter.

Insurance revenue totalled $5.85 billion in the June quarter, compared with $5.81 billion and $5.92 billion in the March and December quarters respectively.

The four key life business classes were profitable in the June quarter. Individual disability income insurance had an insurance service result of $104 million; group disability income insurance made $61 million; individual lump sum $297 million; and group lump sum $189 million.