Life premiums during the first quarter of the year were down nearly 20% on last year’s figure, according to the Australian Prudential Regulation Authority. Its latest edition of Life Insurance Trends, based on the records of 40 registered life insurers, showed a drop to $38.6 billion.

Total life office statutory fund assets were more than $176 billion at the end of the quarter, representing a decrease of almost 7% for the previous year.

Super assets backing Australian policyholder liabilities in life office statutory funds stand at $151.4 billion, now representing almost 86% of the total assets in life office statutory funds. 14 years ago the figure stood at about 60%.

Super business premiums dropped by more than 22% for the quarter, this time totalling $6.5 billion.