Most Australian life insurers and reinsurers reported profits last calendar year, according to the Australian Prudential Regulation Authority (APRA).

Only two reported net losses in the period: Gen Re Life with a $23 million deficit and Scor Life, which was down $1 million on local operations.

Gen Re Life’s total revenue was $244 million but total expenses were $271 million, APRA’s half-yearly life insurance bulletin shows.

Scor’s loss came off a much smaller base, having only started its Australian reinsurance operation in 2011; total revenue was $7 million, with expenses of $8 million.

AMP reported the largest profit on its life operations ($533 million), followed by OnePath, with $366 million on total revenue of $4.4 billion and expenses of $3.8 billion.

Macquarie Life made a $20 million net profit on total revenue of $143 million and expenses of $108 million.

AIA recorded a $69 million profit on its Australian operations, with total revenue of $910 million and expenses of $797 million.

Other internationally owned insurers reported profits on their Australian businesses, including Swiss Re ($61 million), Zurich ($46 million), Hannover Re ($38 million), RGA Re ($35 million), Munich Life ($30 million) and MetLife ($21 million).

Overall, life insurers reported direct premiums of $10.9 billion and investment income of $10.6 billion for the year.

Total revenue was $36.9 billion, while expenses were $32.4 billion. Upfront commissions were $1.4 billion, with trails at $2 billion.

Combined net after-tax profit was $2.5 billion, while life insurers’ total assets were $246 billion on December 31, with liabilities at $225 billion.

The management capital reserves ratio at December 31 was 55.1%, while the prudential capita coverage was 2%.