The life insurance industry recorded net profit of $2.6 billion last financial year, according to the Australian Prudential Regulation Authority.

The figure was 6.5% down on the previous year’s profit of $2.7 billion.

However, total revenue more than doubled to $45 billion from $20.6 billion the previous year, driven by a rise in investment revenue to $30 billion from $6.9 billion.

Net policy revenue increased slightly to $12.3 billion from $11.4 billion. Net premium was $42.3 billion, compared with $44 billion in 2011/12.

Total expenses blew out to $40.3 million from $16.5 billion.

Life insurers’ total assets at June 30 were $256.7 billion, compared with $237.5 billion in 2011/12.

For the three months to June 30, group life products recorded a $148 million loss while individual life recorded a net profit of $176 million.

During the quarter total revenue for the life sector was $3 billion, with individual life accounting for $2 billion.

Net premiums were $12.9 billion, up from $11 billion in the corresponding period last year.

Policy payments were $11.2 billion, up from $10.3 billion.

Group life expenses for the quarter were $1.2 billion, with individual life on $1.8 billion.

Total upfront commissions were $390 million, down by $1 million on the previous corresponding period.

Trail commissions totalled $601 million, up from $533 million.