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Risk products on positive territory: APRA
The life insurance industry's total revenue took a hit for the 12 months to December 2014, dropping to $42.1 billion from the previous year's revenue of $48.7 billion.
APRA's quarterly life insurance statistics publication for the December quarter showed the December 2014 quarter revenue was $15.1 billion compared with the September 2014 quarter revenue of $9.3 billion and the December 2013 quarter revenue of $12.6 billion.
Net profit after tax jumped 23.4 per cent from the previous year's profit of $2 billion to $2.5 billion. The December quarter profit was $711 million compared to September's profit of $527 million.
The group risk market saw a huge improvement compared to the March quarter, with risk product net profit after tax standing at $134 million. Group risk products contributed $100 million, while individual risk products contributed $34 million.
This is compared to the March quarter, when group risk product took a $21 million loss.
Total revenue was at $4.1 billion, with group risk products contributing $1.7 billion.
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