Life insurance net premiums have continued to grow during the 12 months ending March this year.

Premiums for the first quarter of this year were $11 billion, according to the Australian Prudential Regulation Authority – compared to $9.3 billion in the corresponding period last year.

Total net premiums for the year ending March this year were $43.1 billion compared to $39.9 billion in the corresponding period to March 2010.

Death and disability claims during the first quarter this year were $1 billion compared to $968 million in the first quarter last year.

Total claims for the year ending March this year were $4.4 billion compared with $3.9 billion for the corresponding period last year.

After allowing for reinsurance, expenses and commissions, the life industry made an after-tax profit of $771 million for the first quarter. This compared to an after-tax profit of $729 million in the first quarter of 2010.

The after-tax profit for the 12 months ending March this year was $2.6 billion, compared to $3.1 billion in the previous corresponding period.

The difference can be explained by the industry being hit with lower investment income during the 12 months, down $23.4 billion to $13 billion.

Total assets held by life companies at March 31 this year were $237.1 billion, compared to $234.9 billion in March 2010.