The life insurance industry’s aggregate profit fell 26% to $2.24 billion in the year to September 30.

Quarterly statistics issued by the Australian Prudential Regulation Authority (APRA) show total revenue rose 20% to $46.65 billion, but total expenses rose 26% to $42.19 billion. This included an 11% rise in death and disability claims to $5.98 billion.

Net premiums rose 7% to $45.26 billion while policy payments rose 5% to $44.27 billion for the 28 entities.

Surrenders and terminations rose 6% to $592 million, while investment income fell 4% to $10.35 billion.

The industry held total assets of $266.93 billion and total liabilities of $245.46 billion, both up 9%.