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Insurers repair group returns
Efforts by the major insurers to stem losses in the group insurance arena appear to have paid dividends, with the latest Australian Prudential Regulation Authority (APRA) data pointing to returns moving back into positive territory.
The APRA Quarterly Life Insurance Statistics data for the September quarter has revealed a group insurance sector which has clawed its way back from the negative numbers which were permeating balance sheets as recently as 18 months’ ago.
It revealed that net profit after tax was $276 million in the September quarter, with Individual Lump Sum Risk products contributing $140 million, Group Lump Sum Risk products contributing $75 million, Group Disability Income Insurance contributing $26 million, and Individual Disability Income Insurance products contributing $35 million.
The APRA data showed that in the 12 months to 30 September 2017, net profit after tax was $941 million with Individual Lump Sum Risk products contributing $782 million, Group Lump Sum Risk products contributing $252 million, Group Disability Income Insurance contributing $192 million, partially offset by a net loss after tax of $285 million from Individual Disability Income Insurance product group.
Net profit after tax was $96 million in the September quarter of 2017. In the 12 months to 30 September 2017, net profit after tax was $384 million, compared with $578 million in the previous 12 months. In the year ended 30 September 2017, net profit after tax was $686 million, compared with $765 million net profit after tax in the previous 12 months
AUTHOR
Mike Taylor
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