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Disability products drag on insurers
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.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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