Life insurers have made some decent strides over the past year, according to new figures from the Australian Prudential Regulatory Authority.

The latest quarterly industry figures cover up to September last year, and show a net profit of $998 million, up 75% from the previous quarterly profit of $568 million. Profit was well up on the first quarter of last year when insurers earned just $127 million.

Investment revenue saw massive gains in the September quarter, rising 149% to $19.4 billion from $7.79 billion in June. Those gains followed a $6.17 billion loss in the first quarter of last year.

For the year, life insurers reported net profit of $1.93 billion, while investment revenue climbed $3.24 billion.

Life insurers have reported increased demand in the past year as the global downturn forced consumers to reconsider their personal protection.