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Industry profit tops $1 billion: APRA data

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Life insurers and reinsurers achieved more than $1 billion in combined net profit for financial years ended in the 12 months to December 31, according to latest data from the Australian Prudential Regulation Authority (APRA).

An insuranceNEWS.com.au calculation shows the 27 industry players covered by the APRA data made a net profit of about $1.139 billion.

Challenger Life Company led the way with $628 million, while other key players also performed solidly. AMP made $222 million, Munich Re $253 million but Asteron Life & Superannuation lost $218 million.

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

  • AIA Australia booked net policy revenue of $1.58 billion, net policy expenses of $1.03 billion and $13 million in net profit
  • AMP Life recorded $793 million in net policy revenue, $1.29 billion in net policy expense and $222 million in net profit
  • Asteron Life & Superannuation booked net policy revenue of $493 million, net policy expense of $228 million and $218 million in net loss
  • Challenger Life Company posted $1.6 billion in net policy revenue, $853 million in net policy expense and $628 million in net profit
  • ClearView Life had net policy revenue of $177 million, net policy expense of $45 million and net profit of $11 million
  • MetLife Insurance had net policy revenue of $675 million, net policy expense of $339 million and net profit of $11 million
  • MLC recorded net policy revenue of $1.38 billion, net policy expense of $837 million and net profit of $33 million
  • OnePath Life had $807 million in net policy revenue, $514 million in net policy expense and $45 million in net profit
  • TAL logged $2.03 billion in net policy revenue, $1.19 billion in net policy expense and $99 million in net profit
  • Zurich had $604 million in net policy revenue, $194 million in net policy expense and $76 million in net profit.