The big five institutional life insurers have reported strong profits for the year to June 30, according to latest industry data from the Australian Prudential Regulation Authority.

AMP, including National Mutual, recorded the strongest net after-tax profit, at $805 million.

CommInsure was next with $315 million, followed by OnePath with $292 million.

Westpac recorded a $230 million after-tax profit and MLC $189 million.

TAL was the best performer outside the big institutions, with after-tax profit of $185 million.

Suncorp’s after tax profit was $95 million, Zurich $76 million and AIA $59 million.

MetLife broke even in the year, while ClearView produced an after-tax profit of $19 million.

AMP had gross policy liabilities of $78 billion at June 30, the highest figure among Australian life insurers, APRA says.

Its data shows MLC had policy liabilities of $71.8 billion and OnePath $34.8 billion.

Policy liability covers liabilities in life contracts including both estimated and actual profits.

For some life reinsurers, it was a bloodbath, with Munich Re losing $378 million and General Re losing $4 million. Scor recorded a $3 million loss.

Swiss Re made an after-tax profit of $33 million, while Hannover Re reported $27 million and RGA Reinsurance $1 million.

AMP remains the biggest life insurer by total revenue, with inflows of $10.7 billion for the year to June 30. National Mutual had total revenue of $2.3 billion.

MLC recorded revenue of $8.3 billion, while OnePath had inflows of $4.4 billion.

CommInsure reported inflows of $2.6 billion and Westpac $1.3 billion.

Tower led the non-institutional insurers with total revenue of $1.8 billion.

Among reinsurers, Swiss Re led the pack with revenue of $1.1 billion, followed by RGA Reinsurance on $860 million and Munich Re $730 million.

Hannover Re’s total revenue was $606 million, while Gen Re recorded $273 million.

Scor remains the smallest reinsurer in the Australian market, with total inflows of $62 million.