Four life reinsurers reported losses last calendar year, according to latest figures from the Australian Prudential Regulation Authority.

RGA Australia recorded the biggest after-tax loss – $24 million on total revenue of $822 million – followed by Munich Re, which was $17 million in the red on revenue of $580 million.

A newcomer to Australia, Pacific Life Re, recorded a $13 million loss on revenue of $20 million. Scor made a loss of $2 million, with revenue of $83 million.

Three life reinsurers reported profits for the year. Swiss Re led the way with an after-tax profit of $62 million on revenue of $1 billion.

Gen Re’s Australian life business delivered a $12 million profit on revenue of $261 million and Hannover Re recorded a $3 million profit from revenue of $561 million.

The most profitable life insurer continues to be AMP, with a $575 million after-tax profit and revenue of $7.5 billion. It is followed by OnePath on $455 million and $3.8 billion.

The AMP figure should be higher, because subsidiary National Mutual still reports as a separate entity. Its after-tax profit was $232 million on revenue of $1.7 billion.

The other three bank-owned insurers delivered healthy results. MLC recorded a $398 million profit from revenue of $6.6 billion, Westpac made $235 million from $1.3 billion and Colonial reported an after-tax profit of $315 million from $2.6 billion revenue.

Among the foreign-owned life insurers, TAL reported a $185 million profit (revenue of $1.8 billion), AIA made $72 million ($1.1 billion), MetLife recorded a $66 million profit ($653 million) and Zurich $52 million ($413 million).