Life insurance is continuing to prove popular, with life insurers’ June quarter profit increasing 347% over the previous quarter to reach $568 million.

The latest figures from the Australian Prudential Regulation Authority show net profit for the industry for the year to June 30 was $1.39 billion.

Profit for the June quarter is substantially higher than previous quarters – $127 million for the March quarter and $238 million for the December quarter, and even the September quarter of $451 million.

The industry recorded a financial year investment loss of $21.7 billion, despite the June quarter contributing a gain of $7.8 billion. Investment income was $13.2 billion for the year.

Total assets for the life industry increased $7 billion to $212.7 billion over the quarter.

Net premiums for the latest quarter increased by 24% to $6.9 billion for investment-linked business and by 2.1% to $3.4 billion for non-investment-linked business.