The individual income protection insurance sector recorded a $208 million after-tax loss in the year to September 30, according to the Australian Prudential Regulation Authority.

This compares with an $89 million profit the previous year.

However, the individual life business improved, recording after-tax profits of $637 million in the year to September 30, up from $337 million.

Group life profits were flat at $8 million.

Income protection total revenue grew marginally to $1.9 billion from $1.8 billion, but total expenses crippled the sector, rising to $2.5 billion from $1.7 billion.

Individual life total revenue was flat at $4.6 billion, but total expenses fell to $3.9 billion from $4.1 billion.

Group life total revenue grew to $247 million from $231 million, while total expenses moved to $231 million from $220 million.