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APRA data puts insurance in context
The latest Australian Prudential Regulation Authority (APRA) data has served to reinforce the relative importance of individual and group insurance to the major life insurers.
The data, for the 12 months to December last year, revealed that the largest contributor to operating profit was profit margins for in-force business with superannuation-related business representing a faction of the overall equation.
It said the profit margins from in-force business equated to $2.2 billion for the year ending 31 December, last year, made up of $1.1 million in superannuation business and $1 billion in ordinary business.
The data also showed that investment earnings on assets in excess of net policy liabilities was $1.1 billion and that this was made up of $184 million in superannuation and $894 million in ordinary business.
However, it also noted that net policy liabilities for the period stood at $247.2 billion made up of $229.5 billion in superannuation and $17.6 billion in ordinary business.
It said the gross insurance amount was $7.1 trillion, of which $4.9 trillion was in superannuation business and $2.2 trillion in ordinary business.
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