Net policy revenue in the Australian life insurance industry grew 11.5 per cent year over year to $17.9 billion in the September quarter, according to the latest figures from the Australian Prudential Regulation Authority (APRA).
Investment revenue in the industry grew 42.1 per cent to $17.5 billion, APRA said, while total revenue grew 25.4 per cent to $39.6 billion.
The industry as a whole recorded a net profit for the quarter of $1.8 billion, a fall of 24.1 per cent from the same quarter in the prior year.
The APRA figures showed that disability insurance is still acting as a drag on the industry, with net profit for individual disability income insurance down $172.9 million in the quarter.
For the life industry as a whole for the year to 30 September, return on net assets were down 2.3 percentage points to 7.1 per cent, the prudential regulator said.
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.