The Australian Prudential Regulation Authority (APRA) has released the Life Office Market Report, which covers the life insurance sector.

At June 30 this year 35 life insurance companies were operating in Australia. They managed about $231.7 billion in assets, backing Australian and overseas policyholders, and received $37.6 billion in premium income for the financial year.

Superannuation business made up almost 89% of life insurance office assets and accounting for 88% of premiums. Ordinary business of life insurance companies accounted for the remainder of premiums. About 22% of all superannuation assets are held in life insurance policies.

APRA says of the two broad types of life insurance products – regular (or annual) premium and single premium – the latter accounts for 81% of life insurance premiums, of which 98% relates to superannuation business.

The top three life insurance groups accounted for 62% of total industry assets. They also accounted for 75% of new business premiums and 67% of total premiums received.

The prudential regulator says in the same context the top 10 life insurance groups represented 93% of total assets, 95% of new premiums and 92% of total premiums.

Foreign-owned life insurance companies accounted for 28% of total life office assets. They also accounted for 23% of new business premiums relating to Australian policyholders and 27% of total Australian business premiums.

Bank-owned life insurance companies accounted for 38% of total assets, 36% of new business premiums and 35% of total Australian business premiums.