Disability products drag on insurers

22 November 2018
| By Mike |
image
image
expand image

The life insurance industry continued to struggle on a number of fronts during the September, quarter according to the latest data released by the Australian Prudential Regulation Authority (APRA).

The data, released today, revealed that net profit after tax was negative -$70 million in the quarter, with Individual Lump Sum risk products contributing $88 million, Group Lump Sum $7 million, Group Disability Income Insurance $7 million and Individual Disability Income Insurance -$173 million.

The data show that in the 12 months to 30 September 2018, net profit after tax was $653 million, with Individual Lump Sum Risk products contributing $749 million, Group Lump Sum Risk products $109 million, Group Disability Income Insurance $70million and Individual Disability Income Insurance minus $276 million.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 1 month ago
Kevin Gorman

Super director remuneration ...

1 year 1 month ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 1 month ago

While the controversial measures have received little support in the Senate, the think tank has said Division 296 would “make the nation’s super system fairer”....

16 hours ago

In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super...

16 hours ago

With the merger between Mine Super and TWUSuper in its late stages, the head of the soon-to-be combined fund is the latest to join ASFA’s board. ...

17 hours ago

TOP PERFORMING FUNDS