Life insurance industry profits were flat at $2.1 million for the year to June 30, according to latest figures from the Australian Prudential Regulation Authority.

Net premium fell to $42.2 million from $45.9 million the previous year, and gross policy expenses were up to $15 million from $14.1 million.

Death and disability claims grew to $9.7 million from $9.1 million.

Maturing policies declined to $406 million from $437 million. Annuity payments were up to $417 million from $395 million and policy terminations fell to $370 million from $490 million.

Upfront commissions fell to $1 million from $1.5 million, but trails grew to $3 million from $2.3 million.

After-tax profit in non-superannuation life business fell to $470 million from $549 million.

Gross policy revenue was $12.5 million, compared with $11.7 million the previous year.

After-tax profit for group life insurers was also flat at $1.5 million, and group life gross policy revenue was flat at $12 million.

Gross policy expenses increased to $8.1 million from $7.5 million.