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Disability products still problematic
Disability income insurance products remain problematic for the Australian life/risk sector, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
APRA's ‘Life Insurance Statistics' for the December quarter revealed that industry net profit after tax was -$136 million, with individual lump sum risk products contributing $29 million, group lump sum risk products contributing $17 million, group disability income insurance contributing $27 million, and individual disability income insurance products contributing -$209 million.
It said that in the year ending 31 December 2016, net profit after tax was $687 million with individual lump sum risk products contributing $917 million and group lump sum risk products contributing $330 million.
The APRA data, released this week, coincides with confirmation within the half-year results of the major banks of insurance continuing to act as a drag on their wealth management businesses.
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