The troubled life industry is suffering further setbacks, with new figures from the prudential regulator showing a massive blowout in revenue.

The industry’s total net loss after tax widened to $999 million for the December quarter – a “significant deterioration” from the $29 million deficit a year earlier.

The Australian Prudential Regulation Authority (APRA) says in its regular update that the losses stem from deteriorating performances in four unprofitable risk products, which lost a combined $1.15 billion in the December quarter.

Individual lump sum lost $120.9 million, individual disability income insurance $701.2 million, group lump sum $203.3 million and group disability income insurance $125.3 million.

For the year to December 31, the risk products reported a combined after-tax loss of $1.3 billion, erasing the $34 million profit achieved in the previous 12 months.

Individual lump sum was the only risk product to be in the black last year, with a $495.2 million profit.

The industry slumped to an after-tax net loss of $249 million last year, compared with a $583 million profit in 2018.

Net policy expenses increased 5.2% to $10.7 billion last year while net policy revenue tanked 10.5% to $15.8 billion.