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APRA data reveals life dilemma
The challenges confronting the group risk market have again been laid bare by the latest data released by the Australian Prudential Regulation Authority (APRA).
APRA's quarterly life insurance statistics publication for the March quarter have revealed that group risk products still remained in negative territory.
It found that while net profit after tax for risk products was $243 million, most of that was contributed by individual risk products ($264 million), while group risk products incurred a loss of $21 million.
On a more positive note for the risk industry, the broad APRA data suggests that while it has encountered a challenging 12 months it is gradually recovering.
The APRA data revealed that while net profit after tax for the sector in the 12 months to 31 March was down 34.7 per cent to $2 billion, the March quarter profit was up 40.2 per cent over that of December quarter.
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