POWERED BY MOMENTUM MEDIA
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.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
