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.
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.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.