The life industry posted better results in the January-March period, according to Australian Prudential Regulation Authority statistics.

It booked a net profit of $628 million from continuing operations, following a $439 million loss in the December quarter.

The industry’s “insurance service result” rose sharply to $579 million from $43 million, while investment returns declined to $858 million from $1.97 billion.

APRA released the “enhanced” statistics last week – its first set since the quarterly publication was suspended last year as it consulted on a new accounting standard’s impact on financial results tabulation.

Australian Accounting Standards Board 17 Insurance Contracts took effect in January last year. It is designed to help users of financial statements better understand an insurer’s exposure, profitability and financial position.

In the enhanced statistics publication, insurance service result is now the metric for underwriting performance.

The APRA data shows the key risk lines were profitable, except for group lump sum risk.

Individual disability income insurance made an underwriting profit of $419 million following a $92 million loss in the December quarter; group disability income insurance booked a $59 million profit versus a $127 million loss; individual lump sum swung to a $22 million profit from a $66 million loss; and group lump sum sank to a $3 million loss from an $8 million profit.

See the data here.