APRA Releases Life Insurance Statistics for March 2023

SYDNEY, Australia, May 25 (TNSres) --The Australian Prudential Regulation Authority issued the following news release:

The Australian Prudential Regulation Authority (APRA) has released its quarterly life insurance performance statistics publication for the March 2023 quarter.

The quarterly life insurance performance statistics publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios.

Key performance statistics for the life insurance industry for the year ending 31 March:

[Tables omitted]

For the year ending 31 March 2023, the industry reported a net profit after tax of $1 billion and a return on net assets of 3.8 per cent, which was slightly below the results from the previous year.

Risk products returned a net profit after tax of $872 million. Individual Lump Sum and Individual Disability Income Insurance (Individual DII) business reported weaker profits than the previous year because of an increase in net policy expenses for Individual Lump Sum business and lower reserve releases for Individual DII business. Group Lump Sum and Group Disability Income Insurance (Group DII) business reported an improvement in performance in comparison to the prior year, which was in large part due to higher investment revenue for Group Lump Sum business and reserve releases for Group DII business.

The industry prescribed capital coverage ratio increased from 1.99x to 2.09x over the year ending 31 March 2023.

Net profit after tax by product for the life insurance industry for the period ending 31 March:

The March 2023 quarterly life insurance performance statistics publication is available on APRA's website at: Quarterly life insurance performance statistics (https://www.apra.gov.au/quarterly-life-insurance-performance-statistics).

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Original text and tables here: https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-statistics-for-march-2023