Life insurers made a combined $2.7 billion after-tax profit last year, with $1.5 billion of that from group life, according to latest figures from the Australian Prudential Regulation Authority (APRA).

Net policy liabilities totalled $226 billion, with $210.4 billion in group life and $15.6 billion in other business.

The cost of winning business is now obscured in the APRA report.

Previously, figures for total expenses were included, but the new report shows only the deviation from the past year’s data, without revealing actual figures. It is the same with claims and lapses, with only the deviation published.

Mortality expenses net of reinsurance were -$118 million, while the morbidity deviation was
-$231 million. Lapses were -$131 million.

So acquisition costs were $1 million for group life and -$3 million for ordinary business.

Another aspect missing from the new report is data on upfront commissions and trails paid by life insurers.

But insurers’ investment data is still published, showing $15.1 billion in cash at December 31. 

Life insurers held $67 billion in debt securities and $108 billion in equities.