Life insurers turn $1.4 billion profit
Australian life insurers made a $1.421 billion net profit in the year to March 31, according to the latest figures from the Australian Prudential Regulation Authority (APRA).
On a quarterly basis, life insurers collected a $128 million profit for the March quarter, against $238 million for the December quarter and $451 million for the September quarter.
Total assets for Australia’s life insurers slid almost $8 billion to $205.8 billion over the quarter, due mainly to a reduction in market value of equity holdings.
Net premiums for the latest quarter were $5.6 billion for investment-linked business and $3.5 billion for non-investment-linked business. Net policy payments totalled $6.4 billion for investment-linked business and $2.8 billion for non-investment-linked.
Solvency reserve coverage increased from 1.58 times in the December quarter to 1.79 times for non-investment linked funds, but fell from 1.92 times to 1.53 times for investment-linked statutory funds.
On a quarterly basis, life insurers collected a $128 million profit for the March quarter, against $238 million for the December quarter and $451 million for the September quarter.
Total assets for Australia’s life insurers slid almost $8 billion to $205.8 billion over the quarter, due mainly to a reduction in market value of equity holdings.
Net premiums for the latest quarter were $5.6 billion for investment-linked business and $3.5 billion for non-investment-linked business. Net policy payments totalled $6.4 billion for investment-linked business and $2.8 billion for non-investment-linked.
Solvency reserve coverage increased from 1.58 times in the December quarter to 1.79 times for non-investment linked funds, but fell from 1.92 times to 1.53 times for investment-linked statutory funds.