MLC recorded the largest net policy revenue among life insurers last year at $1.5 billion, according to latest figures from the Australian Prudential Regulation Authority.

CommInsure reported $1.3 billion, followed by AMP on $1.2 billion and OnePath with $1.1 billion.

The regulator still treats Axa as a separate entity for reporting, despite it being in the AMP fold. Axa recorded net policy revenue of $568 million, helping AMP remain Australia’s biggest life insurer.

Other life insurers to top $1 billion of net policy revenue were TAL with $1.1 billion, Swiss Re on $1.06 billon and AIA with $1.02 billion.

Life reinsurers’ net policy revenues include Reinsurance Group of America (RGA) with $636 million and Munich Re on $568 million. Hannover Re reported $466 million of net policy revenue, Gen Re $232 million and Scor $55 million.

In terms of gross policy liabilities, AMP led with $78 billion, followed by MLC on $71 billion. OnePath had $34 billion, CommInsure $11.7 billion and Axa $11 billion. 

Of the reinsurers, Swiss Re reported $2.2 billion of gross policy liabilities, followed by Munich Re with $1.7 billion, Hannover Re on $1.5 billion, RGA with $1.1 billion, Gen Re on $533 million and Scor at $95 million.

AMP led on investment revenues, with $8.3 billion, followed by MLC on $6.1 billion.

Other insurers to exceed $1 billion of investment revenue were OnePath at $2.8 billion, CommInsure on $1.3 billion, Challenger with $1.2 billion and Axa with $1.2 billion.

No insurer reported negative investment revenue, although a number achieved single-digit inflows.